Subsea 7

Regulatory Filings • Dec 18, 2025

Subsea 7 - Awarded contract offshore Norway

Subsea 7 - Awarded contract offshore Norway

Luxembourg - 18 December 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)

today announced the award of a large(1) contract by ConocoPhillips Skandinavia

AS (ConocoPhillips) for the Previously Produced Fields (PPF) development,

offshore Norway.

Subsea7's scope covers engineering, procurement, construction and installation

(EPCI) of subsea structures, umbilicals, risers and flowlines (SURF). It follows

the award on 19 May 2025(2) of a contract for front-end engineering and design

that finalised the technical definition of the development.

Engineering and project management will begin immediately at our office in

Norway, with the main offshore campaigns scheduled for 2027 and 2028.

The Previously Produced Fields are located in the Greater Ekofisk Area,

approximately 290 kilometres southwest of Stavanger, Norway. The PPF development

will be connected to the existing Ekofisk Complex.

Erik Femsteinevik, Vice President for Subsea 7 Norway said: "This award

continues our strong collaboration with ConocoPhillips. The FEED study enabled

Subsea7 to engage early in the field development process, optimising design

solutions and contributing to the final investment decision. We are excited to

continue working closely with ConocoPhillips to deliver the Previously Produced

Fields development project safely and efficiently."

The contract is subject to authority approval of Plan for Development and

Operations (PDO).

1. Subsea7 defines a large contract as being between $300 million and $500

million.

2. https://www.subsea7.com/en/media/company-news/2025/Subsea7-secures-Norway-

contract-from-ConocoPhillips.html

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

the evolving energy industry, creating 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 20 8210 5568

ir@subsea7.com

Contact for media enquiries:

Jan Roger Moksnes

Communications Manager

Tel +47 41515777

janroger.moksnes@subsea7.com

www.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, 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; (xvii) global availability at scale and

commercially viability of suitable alternative vessel fuels; and (xviii) 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 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 18 December 2025 at 1600 CET.