Subsea 7 SA
Subsea 7 SA
07/27/2022 | Press release | Distributed by Public on 07/27/2022 07:12
Subsea 7 and Van Oord consortium awarded contract offshore Guyana
Tid27.07.2022, 13:11:18
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Subsea 7 and Van Oord consortium awarded contract offshore Guyana
Luxembourg - 27 July 2022 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) and Van
Oord today announced the award of a substantial(1) contract by ExxonMobil
affiliate Esso Exploration and Production Guyana Limited (EEPGL) for the Gas to
Energy project offshore Guyana, in water depths of up to 1,450 metres.
The scope covers the project management, engineering, and installation of
approximately 190 kilometres of pipeline, with an associated shallow water
portion and onshore approach making landfall to the west of the Demerara River,
along the coast of Guyana.
Craig Broussard, Vice President for Subsea 7 US, said: "We are honoured to have
been selected for Guyana Gas to Energy. This is an important project to support
the Guyanese people and we look forward to continuing our relationship with
EEPGL in one of the most prolific and exciting development basins in the world."
Hans van Gaalen, Commercial Director for Van Oord, adds: "Van Oord is honoured
to have been selected for the Guyana Gas to Energy project in cooperation with
Subsea 7. Developing the coastal infrastructure for the project will allow our
Subsea 7 and Van Oord consortium to positively contribute to the development of
Guyana's electricity supply which in turn will reduce Guyana's dependence on
imported fuels."
(1) Subsea 7 defines a substantial contract as being between USD 150 million
and USD 300 million (Subsea 7's share)
*******************************************************************************
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.
*******************************************************************************
Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
[email protected]
Contact for media enquiries:
Ashley Shearer
Senior Communications Advisor
Tel +1-713-300-6792
[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
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
Oord today announced the award of a substantial(1) contract by ExxonMobil
affiliate Esso Exploration and Production Guyana Limited (EEPGL) for the Gas to
Energy project offshore Guyana, in water depths of up to 1,450 metres.
The scope covers the project management, engineering, and installation of
approximately 190 kilometres of pipeline, with an associated shallow water
portion and onshore approach making landfall to the west of the Demerara River,
along the coast of Guyana.
Craig Broussard, Vice President for Subsea 7 US, said: "We are honoured to have
been selected for Guyana Gas to Energy. This is an important project to support
the Guyanese people and we look forward to continuing our relationship with
EEPGL in one of the most prolific and exciting development basins in the world."
Hans van Gaalen, Commercial Director for Van Oord, adds: "Van Oord is honoured
to have been selected for the Guyana Gas to Energy project in cooperation with
Subsea 7. Developing the coastal infrastructure for the project will allow our
Subsea 7 and Van Oord consortium to positively contribute to the development of
Guyana's electricity supply which in turn will reduce Guyana's dependence on
imported fuels."
(1) Subsea 7 defines a substantial contract as being between USD 150 million
and USD 300 million (Subsea 7's share)
*******************************************************************************
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.
*******************************************************************************
Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
[email protected]
Contact for media enquiries:
Ashley Shearer
Senior Communications Advisor
Tel +1-713-300-6792
[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
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