Subsea7 confirms contracts offshore Norway

16 Dec 2022 07:05 CET

Luxembourg - 16 December 2022 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)
today confirmed the award of three contracts by Aker BP; a major(1) contract for
Yggdrasil field development project (formerly NOAKA), a large(2) contract for
Skarv Satellite Project and a substantial(3) contract for Valhall PWP-Fenris
project, all located offshore Norway. The awards were pre-announced on 8
December 2022 and will be recorded in the backlog of Subsea and Conventional
upon signature by all parties, expected to occur later today.

The contract scopes are awarded within the Aker BP subsea(4) alliance framework
as part of which Subsea7 will provide flowlines, flexible lines and perform the
complete installation scope and Aker Solutions will provide subsea production
systems and umbilicals.

The Yggdrasil field development project, located between Alvheim and Oseberg
area in the North Sea, involves multiple subsea tiebacks to the fixed platforms
in the Yggdrasil greenfield development. The tiebacks will utilise several
Subsea7 technologies including pipeline bundles, pipe-in-pipe solutions and
Swagelining polymer lined flowlines. Project management and engineering will
commence immediately at Subsea7's offices in Stavanger, Norway and Aberdeen,
Scotland. Fabrication of the pipelines will take place at Subsea7's spoolbase at
Vigra, Norway while bundles will be fabricated at Wester, Scotland. Offshore
operations are expected to take place between 2024 and 2027.

The Skarv Satellite project, located in the northern part of the Norwegian Sea,
consists of Alve Nord, Idun Nord and Ørn tied back to the existing Skarv FPSO.
Project management and engineering will commence immediately at Subsea7's
offices in Stavanger, Norway. Fabrication of the pipe-in-pipe pipelines will
take place at Subsea7's spoolbase at Vigra, Norway and offshore operations are
expected to take place between 2023 and 2025.

The Valhall PWP-Fenris project, located in the southern North Sea, involves a
tieback from the Fenris unmanned installation to the Valhall production wellhead
platform and re-routing of existing gas export and gas lift pipelines to a new
platform. Project management and engineering will commence immediately at
Subsea7's offices in Stavanger, Norway and Aberdeen, Scotland. Fabrication of
the pipelines will take place at Subsea7's spoolbase at Vigra, Norway and the
bundle fabrication will take place at Subsea7's site at Wester, Scotland.
Offshore operations are expected to take place in 2024, 2026 and 2027.

Monica Th. Bjørkmann, Senior Vice President for Subsea7 Norway said: "We are
delighted to have been awarded these three important projects by Aker BP. They
are all testament to our collaboration with Aker BP and Aker Solutions, through
the Aker BP Subsea Alliance, building upon our collective experience from
previous and ongoing projects. The partnership enables Subsea7 to engage early
in the field development process, optimising design solutions and contributing
to a positive final investment decision. Subsea7 is looking forward to
continuing our collaboration with a focus on safe, efficient and reliable
operations."

The contracts are expected to be formally signed in a ceremony at Aker BP's
offices on Friday 16 December. They are subject to the sanction or approval by
relevant Norwegian petroleum and energy authorities.

1. Subsea7 defines a major contract as being over USD 750 million.
2. Subsea7 defines a large contract as being between USD 300 million and USD
500 million.
3. Subsea7 defines a substantial contract as being between USD 150 million and
USD 300 million.
4. The Aker BP Subsea Alliance is a partnership between Aker BP, Subsea7 and
Aker Solutions.

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Subsea7 creates sustainable value by delivering the offshore energy transition
solutions the world needs.

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

Contact for investor enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
ir@subsea7.com

Contact for media enquiries:
Jan Roger Moksnes
Communications Manager, Norway
Tel +47 415 15 777
janroger.moksnes@subsea7.com
www.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, 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 for
the year ended 31 December 2021. 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; and (xvii) 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 announcement. 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.

More information:
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578382_SUBC AkerBP.pdf