Subsea 7 revises 2022 guidance

Subsea 7 revises 2022 guidance

13 Jun 2022 08:01 CEST

Luxembourg - 13 June 2022 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
updated its Adjusted EBITDA guidance for the full year 2022.

Seaway 7 ASA(1) announced today provisions against the results of project
execution of offshore windfarm installations due to increased costs relating to
weather delays and mechanical breakdowns. This, together with an increase in the
existing provision on the Formosa 2 project(2), including the effects of Covid-
19, will impact Subsea 7's Adjusted EBITDA for 2022, which is still expected to
be broadly in line with 2021.

1 Seaway 7 ASA is listed on Euronext Growth (SEAW7) and its financial statements
are consolidated as part of the Subsea 7 Group.

2 As part of the combination agreement between Subsea 7's fixed offshore wind
renewable segment and OHT AS to form Seaway 7 ASA, the economic interest on the
Formosa 2 project was retained by Subsea 7 S.A. and not transferred to
Seaway 7 ASA. The financial outcome of this project is therefore recognised in
Subsea 7's Renewables segment and not in the financial statements of Seaway
7 ASA.

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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 Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
[email protected]

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 for
the year ended 31 December 2021. 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.

More information:
Access the news on Oslo Bors NewsWeb site

564671_SUBC Guidance June 2022.pdf
564671_Seaway 7 ASA Trading Update.pdf

Source

Subsea 7 S.A.

Provider

Oslo Børs Newspoint