Subsea 7 contract offshore Netherlands confirmed

Luxembourg – 05 June 2020 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today confirmed the award of a substantial⁽¹⁾ contract by Vattenfall for the Hollandse Kust Zuid (HKZ) 1-4 offshore wind farm project. As previously announced on 23 April 2020, the contract was subject to the client’s final investment decision, which has now occurred. The contract will be recorded in backlog in the second quarter.

The contracted work scope includes the transport and installation of approximately 140 wind turbine monopile foundations and 315km of 66kV inner array grid cables. Offshore installation is scheduled for execution in 2021 and 2022 using Seaway 7's heavy lift, cable lay and support vessels.

⁽¹⁾  Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 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

Contact for media enquiries:
Jacqueline Reukema
Communication Advisor
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 HKZ post-FID