Subsea 7 — M&A Activity 2023

Sep 25, 2023

Subsea7: Subsea Integration Alliance signs MoU with bp

Subsea7: Subsea Integration Alliance signs MoU with bp

Luxembourg - 25 September 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)

today announced that Subsea Integration Alliance(1) has signed a memorandum of

understanding (MoU) aimed at forming a framework agreement with bp for

integrated subsea developments.

Under the framework agreement, Subsea Integration Alliance would work with bp

from concept selection, through the full field life cycle, to deliver enhanced

subsea project performance, based on new ways of working and an innovative

commercial model.

A new team would be formed to oversee and manage activity across the programme

with a focus on safety, quality and subsea project performance.

Olivier Blaringhem, CEO of Subsea Integration Alliance, said: "This agreement

will mark a step change in how our highly collaborative teams work together to

achieve shared objectives for mutual value. Together with bp, we will deliver

lower-carbon energy to the world through enhanced long-term subsea performance."

Ewan Drummond, bp's SVP Projects, said: "The members of Subsea Integration

Alliance have been a key supplier of bp for decades, and by combining our

resources and knowledge, we can bring significant benefits to our customers and

our stakeholders. Together we can safely deliver projects with improved project

schedules, reducing our total cost of ownership and harnessing synergies through

a collaborative one-team mindset. We look forward to getting to work."

(1) Subsea Integration Alliance is a nonincorporated strategic global alliance

between Subsea7 and OneSubsea(TM), the subsea technologies, production, and

processing systems business of SLB, bringing together field development

planning, project delivery, and total life cycle solutions under an extensive

technology and services portfolio

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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

Contact for media enquiries:

Tracey Miller

Group External Communications Manager

communications@subsea7.com

www.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 25 September 2023 at 10:05 CET.