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

29 Apr 2025 19:28 CEST

Luxembourg - 29 April 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a substantial(1) 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 OneSubsea and Subsea7. 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.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Subsea7
Tel +44 20 8210 5568
ir@subsea7.com (mailto:ir@subsea7.com)

Contact for media enquiries:
Ashley Shearer
Communications Manager
Subsea7
Tel +1-713-300-6792
ashley.shearer@subsea7.com (mailto:ashley.shearer@subsea7.com)

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

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This information is 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 29 April 2025 at 19:30 CET.

More information:
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644771_SUBC Ginger.pdf