Subsea 7 SA

09/06/2019 | Press release | Distributed by Public on 09/06/2019 00:20

Subsea 7 awarded contracts offshore Saudi Arabia

Subsea 7 awarded contracts offshore Saudi Arabia

Luxembourg - 06 September 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN LU0075646355) today announced the award of three contracts, together representing a sizeable(1) award for Subsea 7, by Saudi Aramco under the Long Term Agreement between the parties for execution offshore Saudi Arabia.

The engineering, procurement, construction and installation (EPCI) contracts are awarded for execution in consortium with L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro.

The consortium's workscope consists of EPCI for a total of 28 Jackets comprised of eight new jackets to be installed in the Marjan and Zuluf fields, ten Jackets in the Safaniya and Zuluf fields (including a pipeline decommissioning scope) and a further ten Jackets in the Zuluf and Ribyan fields. Work shall commence immediately and offshore execution is due to take place in 2020.

Adzariat Monergi, Subsea 7's Vice President Middle East said, 'These three new awards reflect the good execution and reliable performance that Subsea 7 and LTHE bring to the offshore sector in the Kingdom of Saudi Arabia. We look forward to continuing our long-term relationship with Saudi Aramco, delivering these projects safely and efficiently.'

(1) Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million. This value range refers to Subsea 7's share of the consortium contract.

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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.

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Contact for investment community enquiries:
Isabel Green
Investor Relations Director
Tel +44 20 8210 5568
[email protected]
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 2018. 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.

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subc-lta-award-060919-f.pdf