GlobeNewswire by notified

Subsea 7 S.A. - Seaway7 awarded contract offshore Poland

Share

Luxembourg – 28 March 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a sizeable¹ contract by PGE Polska Grupa Energetyczna and Ørsted for the transport and installation of the substations for the Baltica 2 wind farm, offshore Poland.

Seaway7’s scope includes the transport and installation of four substations. Offshore activity is scheduled to take place in 2026 utilising both our heavy lift and heavy transportation vessels.

Baltica 2 is a 50:50 joint venture between PGE Polska Grupa Energetyczna and Ørsted. The wind farm, with a capacity of around 1.5 GW, will be located in the Polish sector of the Baltic Sea around 40 kilometres from shore at its closest point.

Maria Eidesvik, VP for Europe and US at Seaway7 said: “This is our second contract award in the emerging Polish market and we are pleased to be taking a role in developing offshore wind in this key location. With this project we also look forward to continuing our long-standing relationship with Ørsted on our sixth offshore wind project together”.

The contract is subject to financial close of the project, expected in 2024.

1 Subsea7 defines a sizable contract as being between USD 50 million and USD 150 million

*******************************************************************************
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.

*******************************************************************************

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

Contact for media enquiries:
Nikki Beales
Communications Manager
Tel +44 (0) 7843895292
communications@seaway7.com

Forward-Looking Statements: This announcement 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; and (xvii) 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 announcement. 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 28 March 2024 at 17:15 CET.

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Nokia Corporation: Repurchase of own shares on 19.04.202419.4.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 19 April 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 19.04.2024 Espoo, Finland – On 19 April 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL430,8933.30CEUX--BATE--AQEU--TQEX--Total430,8933.30 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of

Landsbankinn hf.: Results of the 2024 AGM of Landsbankinn19.4.2024 20:48:08 CEST | Press release

The annual general meeting (AGM) of Landsbankinn, held on 19 April 2024, agreed to pay a dividend amounting to ISK 16,535 million to shareholders. The dividend is equivalent to 50% of 2023 profits. The dividend will be paid in two instalments, firstly on 24 April 2024 and secondly on 16 October 2024. As a result, total dividend paid by the Bank in 2013-2024 amounts to ISK 191.7 billion. At the AGM, held in Reykjastræti 6, Helga Björk Eiríksdóttir, Chairman of the Board of Directors, delivered the report from the Board for 2023. Lilja Björk Einarsdóttir, CEO, spoke of the Bank’s operation, strategy and activities in the past operating year. The annual financial statement for the past operating year was approved, as was the proposed Remuneration Policy and remuneration to Directors of the Board. The AGM elected the Auditor General (Ríkisendurskoðun) as auditor of Landsbankinn hf. for the 2024 operating year. The Auditor General, in accordance with an authorisation to outsource tasks, and

SKEL fjárfestingafélag hf.: Styrkás finalizes the purchase of Stólpi Gámar ehf. and affiliated companies.19.4.2024 19:20:57 CEST | Press release

Reference is made to the announcement dated 31 January 2024, regarding Styrkás hf., a company 69.64% owned by SKEL fjárfestingafélag hf., signing a purchase agreement to acquire 100% of the shares in six subsidiaries of Máttarstólpi ehf. The purchase agreement was subject to the approval of the Competition Authority. The transaction was finalized today with payment of purchase price and delivering of shares in the following companies: - Stólpi Gámar ehf., id. 460121-1590, Klettagörðum 5, 104 Reykjavík: - Stólpi Smiðja ehf., id. 460121-1750, Klettagörðum 5, 104 Reykjavík; - Klettskjól ehf., id. 460121-0510, Klettagörðum 5, 104 Reykjavík; - Stólpi ehf., 460121-0430, Klettagörðum 5, 104 Reykjavík; - Tjónaþjónustan ehf., id. 460121-1670, Klettagörðum 5, 104 Reykjavík; - Alkul ehf., id. 491020-0830, Haukdælabraut 48, 113 Reykjavík. collectively referred to as "the sold companies". These companies will continue to be operated on a consolidated basis. The Enterprise value of the sold companie

Subsea 7 S.A. notification of major holding19.4.2024 19:12:34 CEST | Press release

Luxembourg –19 April 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 19 April 2024, Barclays Capital Securities Limited1 informed the Company that it had breached thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows: 15 April 2024 On 15 April 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares held by Barclays was 22,559 representing less than 0.01% of the voting rights in the CompanyOn 15 April 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (a) of the Transparency Law (right to recall) were 14,625,242 representing 4.80% of the voting rights in the CompanyOn 15 April 2024 the total number of voting rights in the Company attached to financial instruments with similar

HiddenA line styled icon from Orion Icon Library.Eye