Subsea 7

Regulatory Filings • Apr 29, 2025

Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger project

Luxembourg – 29 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 engineering, procurement, construction, and installation (EPCI) contract by bp to Subsea Integration Alliance (SIA) for the Ginger project offshore Trinidad and Tobago.

The Ginger project is a notable project award under the new global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7.

Building on a long-standing successful relationship, this agreement establishes a new way of working that enables system-level optimisation through increased transparency and early engagement. Further, the framework defines a novel commercial model that effectively aligns incentives for accelerated and maximised value creation among all stakeholders involved, throughout the life of joint projects.

For the Ginger EPCI project, Subsea7 will supply a diver-installed tie-in system, a flexible production flowline, and associated infrastructure. SLB OneSubsea will deliver four standardised vertical monobore subsea trees and tubing hangers, optimised for speed of delivery and installation. It will also deliver the first high-integrity pressure protection system (HIPPS) manifold in the region, which will unlock considerable safety, efficiency and environmental gains. bp's Ginger development is located off the southeast coast of the island of Trinidad, at water depths of up to 90 metres.

Project management and engineering activities will begin immediately at Subsea7's office in Houston, Texas, with offshore operations scheduled for 2026.

Craig Broussard, Senior Vice President for Subsea7 for Gulf of Mexico said, "This is a significant project for the region, and one which will benefit from decades of collaboration between bp, Subsea7, and SLB OneSubsea. Our combined expertise and efforts are focused on achieving bp's goal of first gas in 2026."

Olivier Blaringhem, CEO of Subsea Integration Alliance said, "This is an exciting and important project for our novel global framework with bp, which expands our EPCI collaboration to Trinidad and Tobago. Through the capability and agility of our partners Subsea7 and SLB OneSubsea, we provide key assets and expertise to create value for the long-term and deliver the best possible total cost of ownership on the Ginger project."

(1) Subsea7 defines a substantial contract as being between \$150 million and \$300 million.

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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.

Subsea Integration Alliance (SIA) is a strategic global alliance combining the strengths of SLB OneSubsea7. Working closely with SIA gives customers unique access to integrated subsea solutions-including field development planning, EPCI contracting models, end-to-end project delivery-and total life cycle solutions.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************************************************************************************************************

Contact for investment community enquiries:

Katherine Tonks Investor Relations Director Subsea7 Tel +44 20 8210 5568 ir@subsea7.com

Contact for media enquiries: Ashley Shearer Communications Manager Subsea7

Tel +1-713-300-6792 ashlev.shearer@subsea7.com

Moira Duff Director of External Communications SI B Tel: +1 (713) 375-3407 Email: media@slb.com

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