Subsea7 awarded contract in the US Gulf of Mexico
12 December 2024 - 9:24AM
UK Regulatory
Subsea7 awarded contract in the US Gulf of Mexico
Luxembourg – 11 December 2024 – Subsea 7
S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a
substantial1 contract for a subsea tieback development
in the US Gulf of Mexico.
Subsea7's scope of work includes the
engineering, procurement, construction, and installation (EPCI) of
subsea equipment, including structures, umbilicals, production
risers, and flowlines. Project management and engineering work will
start immediately at Subsea7's office in Houston, Texas, with
offshore activities expected to begin in 2026.
Craig Broussard, Senior Vice President of
Subsea7 Gulf of Mexico, said, “We are proud to be part of this
high-pressure deepwater subsea tieback development. This project
builds on our strong track record of successfully delivering oil
and gas projects in the deepwater Gulf of Mexico.”
- Subsea7 defines a
substantial contract as being between $150 million and $300
million.
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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:
Ashley Shearer
Communications Manager
Tel +1-713-300-6792
ashley.shearer@subsea7.com
Forward-Looking Statements: This document
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;
(xvii) global availability at scale and commercially viability of
suitable alternative vessel fuels; and (xviii) 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
document. 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 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 11 December 2024
at 23:25 CET.
- SUBC Gulf of Mexico Dec 2024
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