Subsea7 awarded contract offshore Saudi Arabia

12 Dec 2024 14:13 CET

Luxembourg - 12 December 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)
today announced the award of a substantial(1) contract by Aramco under a long-
term agreement.

The contract scope includes the decommissioning of existing subsea facilities as
well as engineering, procurement, construction, and installation of a new
pipeline and subsea equipment at the Abu Safah field, located offshore Saudi
Arabia. Engineering activities will begin immediately, with offshore operations
scheduled for 2026. The project will be managed from Subsea7's office in Al
Khobar, Saudi Arabia, with support from offices in Dubai and Singapore.

David Bertin, Senior Vice President for Subsea7 Global Projects Centre East,
said: "This award builds on Subsea7's decade-long relationship with Aramco and
track record of reliable project execution in the Kingdom of Saudi Arabia. We
look forward to working together to deliver this project safely and efficiently,
and we aim to support our client's offshore development goals."

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.

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:
Hariom Cavalcante
Communications Manager
Tel +33 7 66 12 48 80
hariom.cavalcante@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 12 December 2024 at 14:15 CET.

More information:
Access the news on Oslo Bors NewsWeb site

634567_SUBC Abu Safah.pdf