Subsea 7 — M&A Activity 2023

Oct 31, 2023

Subsea7 confirms major contract offshore Brazil

Subsea7 confirms major contract offshore Brazil

Luxembourg - 31 October 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

confirmed the award of a major(1) contract amendment by Petrobras for the

development of the Mero 4 field(2) located approximately 200 kilometres off the

coast of the state of Rio de Janeiro, Brazil, at 2,200 metres water depth in the

pre-salt Santos basin. The award was announced in redacted form on 27 September

2023(3) and was recorded in backlog in the third quarter of 2023.

The contract amendment scope includes engineering, procurement, fabrication,

installation and pre-commissioning of 76 kilometres of rigid risers and

flowlines for the steel lazy wave production system.

Project management and engineering will commence immediately at Subsea7's

offices in Rio de Janeiro and Paris. Fabrication of the pipelines will take

place at Subsea7's spoolbase at Ubu in the state of Espirito Santo and offshore

operations are scheduled to be executed in 2025 and 2026.

Yann Cottart, Vice-President Brazil said: "This contract builds on decades of

experience executing major EPCI projects around the world and extends our

portfolio of projects in Brazil. Subsea7 looks forward to continuing its strong,

collaborative relationship with Petrobras as we work together to successfully

deliver the Mero 4 project."

1. Subsea7 defines a major contract as being one where its share of revenue is

over USD 750 million.

2. Mero 4 is the fourth definitive project of Mero Unitized Field in Pre-salt

that is operated by Petrobras (38.6%), in partnership with Shell Brasil

(19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal

Petróleo SA (PPSA) (3.5%), representing the Government in the non-contracted

area.

3. https://newsweb.oslobors.no/message/600343

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Subsea7 is a global leader in the delivery of offshore projects and services for

the evolving energy industry. We create sustainable value by being the

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

solutions the world needs.

Subsea7 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

Tel +44 (0)20 8210 5568

ir@subsea7.com (mailto:ir@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.

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 stock exchange release was published by Katherine Tonks, Investor

Relations, Subsea7, on 31 October 2023 at 15:00 CET.