Subsea7 awarded contract offshore Norway
10 January 2025 - 12:28AM
UK Regulatory
Subsea7 awarded contract offshore Norway
Luxembourg – 9 January 2025 -
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the
award of a contract by Equinor for a front-end engineering and
design (FEED) study with EPCI1 option for the Fram Sør
development project, offshore Norway.
The study will finalise the technical definition
of the proposed subsea development prior to Equinor and its
partners making the final investment decision. Work will begin
immediately in our offices in Norway and UK.
If the EPCI option is exercised, any resulting
subsea structures, umbilicals, risers and flowlines (SURF)
installation scope would be a direct, substantial2 award
to Subsea7. Offshore installation activities associated with this
contract would be scheduled for 2026, 2027 and 2028.
The Fram Sør area is located 10-30 kilometres
north of the Equinor-operated Troll C platform, approximately 70
kilometres north-west of Bergen. The development will be connected
to the existing Fram and Troll C infrastructure.
Erik Femsteinevik, Vice President for Subsea 7
Norway said: “This award continues our long-standing
collaboration with Equinor. The study enables Subsea7 to engage
early in the field development process, optimising design solutions
and contributing to the final investment decision. We look forward
to working closely with Equinor to unlock the value in Fram
Sør”.
- Engineering, procurement,
construction and installation
- 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:
Jan Roger Moksnes
Communications Manager
Tel +47 41515777
janroger.moksnes@subsea7.com
www.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 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.
This stock exchange release was published by
Katherine Tonks, Investor Relations, Subsea7, on 9 January 2025 at
14:30 CET.
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