Subsea 7

Regulatory Filings • May 2, 2025

Subsea7 awarded 'super-major' contract offshore Brazil

Subsea7 awarded 'super-major' contract offshore Brazil

Luxembourg - 2 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

announced the award of a super-major contract(1) by Petrobras, after winning a

competitive tender, for the development of the Búzios 11 field located

approximately 180 kilometres off the coast of the state of Rio de Janeiro,

Brazil, at 2,000 metres water depth in the pre-salt Santos basin.

The contract scope includes engineering, procurement, fabrication, installation,

and pre-commissioning of 112km rigid risers and flowlines system.

Project management and engineering will commence immediately at Subsea7's

offices in Rio de Janeiro, Suresness and Sutton; Fabrication of the pipelines

will take place at Subsea7's spoolbase in Brazil, and Offshore activities are

scheduled for 2027 and 2028.

Yann Cottart, Senior Vice-President Brazil and Global Projects Centre West

said:

"This award again underscores Subsea7's proven expertise in delivering complex,

world-scale size projects, reinforcing our strong execution capabilities and

commitment to operational excellence and safety. With a solid backlog and a

diverse portfolio, we continue to drive value for our shareholders while further

contributing to Brazil's development. We thank Petrobras for their trust and

look forward to once again playing a significant role in the success of the

Búzios field."

1. Subsea7 defines a super-major contract as being over $1.25 billion.

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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:

Elisa Magalhães

Marketing & External Communications Manager

Tel +55 21 3370-6629

elisa.magalhaes@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.