Subsea 7 S.A. - Seaway7 awarded contract offshore Poland
Luxembourg – 28 March 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a sizeable¹ contract by PGE Polska Grupa Energetyczna and Ørsted for the transport and installation of the substations for the Baltica 2 wind farm, offshore Poland.
Seaway7’s scope includes the transport and installation of four substations. Offshore activity is scheduled to take place in 2026 utilising both our heavy lift and heavy transportation vessels.
Baltica 2 is a 50:50 joint venture between PGE Polska Grupa Energetyczna and Ørsted. The wind farm, with a capacity of around 1.5 GW, will be located in the Polish sector of the Baltic Sea around 40 kilometres from shore at its closest point.
Maria Eidesvik, VP for Europe and US at Seaway7 said: “This is our second contract award in the emerging Polish market and we are pleased to be taking a role in developing offshore wind in this key location. With this project we also look forward to continuing our long-standing relationship with Ørsted on our sixth offshore wind project together”.
The contract is subject to financial close of the project, expected in 2024.
1 Subsea7 defines a sizable contract as being between USD 50 million and USD 150 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.
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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel 8
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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 28 March 2024 at 17:15 CET.
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