Subsea 7 — Regulatory Filings 2021

Mar 12, 2021

Subsea 7 awarded sizeable contract

Luxembourg - 11 March 2021 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract. The contract will be recorded in the backlog of the Subsea and Conventional business unit in the first quarter.

The scope of work includes engineering, project management. Engineering activities will commence immediately at Subsea 7's office in Sutton, UK.

No further details are disclosed at this time due to contractual obligations.

(1) Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.

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Subsea 7 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.

Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************************************************************************************************************

Contact for investment community enquiries: Katherine Tonks Investor Relations Director 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, 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 may be identified by the use of words such as 'anticipate', 'believe', 'expect', 'future', 'goal', 'intend', 'intely' 'may', 'project', 'should', 'strategy' 'will', and similar expressions. The principal risks which 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 2020. Factors that may cause actual and future results and trends to differ materially from our forwards 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; (i) our ability to collect receivables, negotiate variation orders and collect the related revenue; (ii) 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 natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competitions in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relations; (vii) the outcome of legal procedings or governmental inquiries; (ix) uncertainties inherent in operating including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint verture to fulfil their obliqations; (xi) changes in, or our failure to comply with, applicable laws and requlations (including measures addressing climate change); (xii) operating hazards, including spills, environmental damage, personal or property damage and business weather; (xiv) equipment or mechanical failures, which could increase costs, impair result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the time conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security breaches; and (xii) 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 readiot. Given these uncertainties, you should not plance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this announcement. We undertake no oblicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.