Subsea 7 — M&A Activity 2022

Jun 7, 2022

Seaway 7 awarded preferred supplier status for Seagreen 1A

Seaway 7 awarded preferred supplier status for Seagreen 1A

Luxembourg - 7 June 2022 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

announced that Seaway 7 ASA(1) has been selected by Seagreen 1 Limited as a

preferred supplier for the Seagreen 1A offshore wind project, offshore Scotland.

Seagreen 1A lies adjacent to the existing Seagreen project that Seaway 7 is

currently progressing and represents approximately 500MW of additional renewable

energy generation capacity.

Seaway 7's scope of work is under final negotiation and may include the full

engineering, fabrication, transport and installation of 36 foundations,

transportation and installation of the offshore substation and the procurement

and installation of inner-array cables. Execution of the scope will be led from

Seaway 7's Aberdeen office.

The project is expected to commence in 2023 with offshore work commencing in

late 2024 and could be operational by 2025/26.

The timeframe and Seaway 7's selection are subject to the Seagreen 1A project

securing consent and a final investment decision by SSE Renewables and

TotalEnergies. The value related to this very large(2) agreement is expected to

be recognised in Seaway 7's backlog after final contractual terms have been

agreed.

Stuart Fitzgerald, CEO Seaway 7, said: "We are delighted to be continuing our

successful relationship with SSE Renewables and TotalEnergies to progress the

Seagreen 1A project. The project will continue to be managed from our office in

Aberdeen where we are bringing over a decade of UK offshore wind expertise to

Scotland's largest offshore wind project."

John Evans, CEO Subsea 7, said: "We are very pleased to be continuing our

proactive participation in the UK's ongoing energy transition and we look

forward to extending our long-term collaboration with SSE Renewables, which

began in 2009 with the pioneering Greater Gabbard development and continued with

Beatrice, Seagreen and Dogger Bank."

((1)) Seaway 7 is listed on Euronext Growth (SEAW7) and is part of the Subsea 7

S.A. Group.

((2)) Subsea 7 defines a very large contract as being between USD 500 million

and USD 750 million.

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Subsea 7 is a global leader in the delivery of offshore projects and services

for the evolving energy industry, creating sustainable value by being the

industry's partner and employer of choice in delivering the efficient offshore

solutions the world needs.

Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI

222100AIF0CBCY80AH62.

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Contact for investment community enquiries:

Katherine Tonks

Investor Relations Director, Subsea 7 S.A.

Tel +44 (0)20 8210 5568

katherine.tonks@subsea7.com

Forward-Looking Statements: This announcement may contain 'forward-looking

statements' (within the meaning of the safe harbour provisions of the U.S.

Private Securities Litigation Reform Act of 1995). These statements relate to

our current expectations, beliefs, intentions, assumptions or strategies

regarding the future and are subject to known and unknown risks that could cause

actual results, performance or events to differ materially from those expressed

or implied in these statements. Forward-looking statements may be identified by

the use of words such as 'anticipate', 'believe', 'estimate', 'expect',

'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should',

'strategy' 'will', and similar expressions. The principal risks which could

affect future operations of the Group are described in the 'Risk Management'

section of the Group's Annual Report and Consolidated Financial Statements for

the year ended 31 December 2021. Factors that may cause actual and future

results and trends to differ materially from our forward-looking statements

include (but are not limited to): (i) our ability to deliver fixed price

projects in accordance with client expectations and within the parameters of our

bids, and to avoid cost overruns; (ii) our ability to collect receivables,

negotiate variation orders and collect the related revenue; (iii) our ability to

recover costs on significant projects; (iv) capital expenditure by oil and gas

companies, which is affected by fluctuations in the price of, and demand for,

crude oil and natural gas; (v) unanticipated delays or cancellation of projects

included in our backlog; (vi) competition and price fluctuations in the markets

and businesses in which we operate; (vii) the loss of, or deterioration in our

relationship with, any significant clients; (viii) the outcome of legal

proceedings or governmental inquiries; (ix) uncertainties inherent in operating

internationally, including economic, political and social instability, boycotts

or embargoes, labour unrest, changes in foreign governmental regulations,

corruption and currency fluctuations; (x) the effects of a pandemic or epidemic

or a natural disaster; (xi) liability to third parties for the failure of our

joint venture partners to fulfil their obligations; (xii) changes in, or our

failure to comply with, applicable laws and regulations (including regulatory

measures addressing climate change); (xiii) operating hazards, including spills,

environmental damage, personal or property damage and business interruptions

caused by adverse weather; (xiv) equipment or mechanical failures, which could

increase costs, impair revenue and result in penalties for failure to meet

project completion requirements; (xv) the timely delivery of vessels on order

and the timely completion of ship conversion programmes; (xvi) our ability to

keep pace with technological changes and the impact of potential information

technology, cyber security or data security breaches; and (xvii) the

effectiveness of our disclosure controls and procedures and internal control

over financial reporting;. Many of these factors are beyond our ability to

control or predict. Given these uncertainties, you should not place undue

reliance on the forward-looking statements. Each forward-looking statement

speaks only as of the date of this announcement. We undertake no obligation to

update publicly or revise any forward-looking statements, whether as a result of

new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.