Subsea 7 awarded contract offshore Germany

Luxembourg – 3 April 2020 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable⁽¹⁾ contract innogy Kaskasi GmbH for the Kaskasi offshore wind farm project, located approximately 35km north west of Heligoland in the German sector of the North Sea.

The contracted work scope includes the transport and installation of the offshore substation foundation, 38 wind turbine monopile foundations and 52km of inner array grid cables in water depths of between 18 and 25 metres. Offshore installation is scheduled for execution in 2021 and 2022 using  Seaway 7's heavy lift, cable lay and support vessels. When completed, the Kaskasi offshore wind farm will have an installed capacity of 342 megawatts.

Steph McNeill, EVP Renewables, said: “We are pleased to continue our partnership with innogy on the Kaskasi II project, after having collaborated on other projects such as Nordsee One and Triton Knoll. It will benefit from being managed as an integrated foundation and cable installation project leveraging the available capabilities within Seaway 7, and will use an innovative vibratory hammer installation approach to minimize the noise levels during offshore installation of the monopiles.”

⁽¹⁾  Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.

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Subsea 7 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 7 is listed on the Oslo Bors (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel [phone]
[e-mail]
www.subsea7.com

Forward-Looking Statements: Certain statements made in this announcement may include ‘forward-looking statements’. These statements may be identified by the use of words like ‘anticipate’, ‘believe’, ‘could’, ‘estimate’, ‘expect’, ‘forecast’, ‘intend’, ‘may’, ‘might’, ‘plan’, ‘predict’, ‘project’, ‘scheduled’, ‘seek’, ‘should’, ‘will’, and similar expressions. The forward-looking statements reflect our current views and are subject to risks, uncertainties and assumptions. The principal risks and uncertainties which could impact the Group and the factors which could affect the actual results are described but not limited to those in the ‘Risk Management’ section in the Group’s Annual Report and Consolidated Financial Statements 2019. These factors, and others which are discussed in our public announcements, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: actions by regulatory authorities or other third parties; our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal and administrative proceedings or governmental enquiries; uncertainties inherent in operating internationally; the timely delivery of vessels on order; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Other unknown or unpredictable factors could also have material adverse effects on our future results. Given these factors, you should not place undue reliance on the forward-looking statements.

Attachment

• SUBC Kaskasi