Subsea 7 — M&A Activity 2023

May 22, 2023

Subsea7 confirms major contract offshore Türkiye

Subsea7 confirms major contract offshore Türkiye

Luxembourg - 22 May 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

confirmed the award of a major(1) contract by Turkish Petroleum for the second

phase of the Sakarya field development offshore Türkiye in the Black Sea.

The award for this two-phase subsea development was announced in redacted form

on 12 May 2023. The first phase has been recorded in the backlog in the second

quarter of 2023 and the second phase, expected in 2024, remains subject to

sanction by the client.

The contract is awarded to a consortium including Subsea7 and its partner in

Subsea Integration Alliance, OneSubsea(®2), as well as SLB and Saipem. The

integrated project scope of the engineering, procurement, construction, and

installation (EPCI) contract will cover the subsurface solutions including

subsea production systems (SPS), subsea umbilicals and flowlines (SURF).

The scope of work to be executed by Subsea7 comprises the EPCI of approximately

37 kilometres of infield flowlines, 47 kilometres of control umbilicals and

associated subsea equipment in water depths of 2,000 metres. The contract also

includes additional FEED studies and options to further extend the scope of

work.

Project management and engineering will be managed from the Subsea7 office in

Istanbul, Türkiye and offshore activities are expected between Q2 2025 and Q3

2025, with optional scope between Q4 2026 and Q4 2027 subject to final

investment decision by the client.

Franck Louvety, Africa, Middle East & Caspian Vice President said: "Through the

close collaboration of Subsea7, OneSubsea(®) and Turkish Petroleum, first gas

from Sakarya Phase 1 was delivered just 30 months after discovery. Subsea7 looks

forward to extending this relationship for Phase 2 and continuing our

contribution to the development of the energy industry in Türkiye."

(1)   Subsea7 defines a major contract as being one where Subsea7's share of

revenue over USD 750 million.

(2)   OneSubsea(®) is the subsea technologies, production, and processing

business of SLB

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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)

Contact for media enquiries:

Hariom Cavalcante

Communications Manager

Tel +33 (0)6 85 07 48 01

hariom.cavalcante@subsea7.com (mailto:hariom.cavalcante@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 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.