Seaway 7 signed letter of exclusivity for East Anglia THREE offshore wind farm

Seaway 7 signed letter of exclusivity for East Anglia THREE offshore wind farm

16 Jun 2022 08:15 CEST

Luxembourg - 16 June 2022 - Seaway 7 ASA (Euronext Growth: SEAW7), part of the
Subsea 7 Group (Oslo Børs: SUBC, ADR: SUBCY), announced today that it has signed
a letter of exclusivity, and is finalising a preferred bidder supply chain
agreement, with ScottishPower Renewables for the East Anglia THREE offshore wind
project.

East Anglia THREE is located approximately 70 kilometres from shore in the
Southern North Sea and is one of the three consented offshore wind farm
developments that form the East Anglia Hub, planned by ScottishPower Renewables.
East Anglia THREE will contribute approximately 1,400 MW of a potential 3,000 MW
of renewable energy generation capacity at East Anglia Hub.

Seaway 7's scope of work would include the transport and installation of 95
monopile foundations, associated seabed preparation and scour protection along
with the engineering, supply and installation of the inner-array cables.

Execution of the scope would be led from Seaway 7's Aberdeen office. The project
is expected to commence in 2022 with offshore work scheduled for 2024, subject
to East Anglia THREE securing a final investment decision (FID) by ScottishPower
Renewables.

The value of the contract will only be recognised by Seaway 7 in the order
backlog after FID and would represent a very large project(1) award.

Stuart Fitzgerald, CEO Seaway 7, said: "We are pleased to support ScottishPower
Renewables to progress the East Anglia THREE project. Seaway 7 is looking
forward to bringing over 10 years of offshore wind experience to one of the
world's largest offshore wind complexes, representing a significant contribution
to the UK's renewable target."

((1) )Subsea 7 and Seaway 7 define a very large contract as being between USD
500 million and USD 750 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 Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.

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

Contact for media enquiries:
Tracey Miller
Group External Communications Manager
Tel +44-1224-265733
[email protected]
www.subsea7.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
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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

565062_SUBC EA THREE.pdf

Source

Subsea 7 S.A.

Provider

Oslo Børs Newspoint