Subsea 7

Regulatory Filings • Dec 30, 2024

Subsea7 awarded contract offshore Türkiye

Luxembourg - 30 December 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Turkish Petroleum Offshore Technology Center AS (TP-OTC) to provide inspection, repair and maintenance (IRM) services for the Sakarya gas field development in the Black Sea.

The contract scope includes project management and engineering executed and managed from Subsea7 offices in Istanbul, Türkiye, and Aberdeen, Scotland, as the provision of equipment (including two work class remotely operated vehicles) and construction personnel onboard TP-OTC's light construction vessel Mukavemet. Offshore operations will be executed in 2025 and 2026.

Hani El Kurd, Senior Vice President of UK and Global Inspection, Repair, and Maintenance at Subsea7, said: "We are pleased to have been selected to deliver IRM services for TP-OTC in the Black Sea. This contract demonstrates our strategy to deliver engineering solutions across the full asset lifecycle in close collaboration with our clients. We look forward to continuing to work alongside TP-OTC to optimise gas production from the Sakarya field and strengthen our long-term presence in Türkiye."

1. Subsea7 defines a sizeable contract as being between \$50 million and \$150 million

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Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, and serve 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. ******************************************************************************************************************************************************************************

Contact for investment community enquiries:

Katherine Tonks Investor Relations Director Tel +44 20 8210 5568 ir@subsea7.com

Contact for media enquiries:

Michelle Wainwright UK & Global IRM Communications Manager Tel +44 (0)7876778370 michelle.wainwright@subsea7.com

Forward-Looking Statements: This document 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 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', 'likely' 'may', 'plan', '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. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limity 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, neqtiation orders and collect the related revenue; (ii) our ability to recover costs on significant projects; (iv) and qas companies, which is affected by fluctuations in the price of, and demand for, cruce of an encellation of projects included in our backlos; (v) competition and price fluctuations in the markets in which we operate; (vii) the loss of, or deteriorship with, any significant clients; (wii) the outcome of leal proceedings or governmental inquiries; inherent in operating internationally, including economic, political and social in embarges, labour unrest, changes in foreign governmental requlations, corruption and currency fluctuations; (x) the effects of a pandemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil thanges in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing clii) 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; (xvi) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xvii) the effectiveness of our disclosure controls and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertaintes, you should not place undue reliance on the forwardlooking statement speaks only as of this document. 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.

This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 30 December 2024 at 11:45 CET.