Subsea7 awarded contract offshore Türkiye

04 Mar 2026 10:38 CET

Luxembourg - 04 March 2026 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a large(1) variation order by Turkish Petroleum Offshore
Technology Center AS (TP-OTC) relating to the Sakarya field development in the
Black Sea, offshore Türkiye.

The award represents an extension to the contract announced by Subsea7 on 27
August 2025
(https://tools.euroland.com/tools/Pressreleases/GetPressRelease/?ID=7784644&lang
=en-GB&companycode=n-sto&v=) for the third phase of Sakarya and will connect the
recently discovered Goktepe field to the Phase 3 floating production unit.

The scope of work comprises engineering, procurement, construction and
installation (EPCI) of approximately 20 kilometres of flexibles, 120 kilometres
of umbilicals, a rigid production riser and associated subsea equipment in water
depths of 2,200 metres. Project management and engineering will be coordinated
through the Subsea7 office in Istanbul, Türkiye. Offshore activities are
expected in 2027 and 2028.

David Bertin, Senior Vice President of Subsea7's Global Project Centre - East,
said: "We are proud to continue to support TP-OTC in their ambitions in the
Black Sea with the development of the Goktepe field, which will enable increased
production through the Sakarya Phase 3 facilities and support Türkiye's gas
needs."

Hulya Ozgur, Business Unit Director Subsea7 Türkiye, said: "We look forward to
continuing our long-term relationship with TP-OTC, which is making a significant
contribution to the development and growth of the Turkish energy industry."

1. Subsea7 defines a large contract as being between $300 million and $500
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

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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
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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 DD Mmmm 2025 at [TIME] CET.

More information:
Access the news on Oslo Bors NewsWeb site

667474_SUBC Goktepe Extension 4 March 2026.pdf