Subsea7 awarded contract in North Sea

19 Dec 2023 15:00 CET

Luxembourg - 19 December 2023 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a sizeable(1) extension of an existing frame agreement by
bp, for subsea construction, inspection, repair and maintenance services (IRM),
across bp's North Sea assets.

This is the agreement's latest extension since the original frame agreement
began in 1998. Under the terms of this two-year extension to the end of 2025,
Subsea7 will provide an IRM, survey and light construction vessel, complete with
work class and observation class remotely operated underwater vehicles (ROV),
capable of performing inspection, survey, intervention, subsea construction and
emergency response services.

Project management and engineering work will continue to be managed from
Subsea7's office in Aberdeen.

Steve Wisely, Senior Vice President for Subsea7 UK & Global Inspection, Repair
and Maintenance, said: "We are immensely proud of the safe and effective IRM
services we have executed for bp for 25 years across its west of Shetland
assets. Supporting bp in what is notably one of the harshest offshore
environments, has significantly contributed to the expansive deepwater project
delivery expertise that we offer across the globe."

((1) )Subsea7 defines sizeable as being between USD 50 million and USD 150
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.

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:
Michelle Wainwright

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

This stock exchange release was published by Katherine Tonks, Investor
Relations, Subsea7, on 19 December 2023 at 15:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

607103_SUBC bp WoS.pdf