SOC Subsea 7 S.A.

Subsea 7 awarded contract offshore Norway

Subsea 7 awarded contract offshore Norway

Luxembourg – 30 June 2020 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract by Aker BP for the Hod Field Development Project, located 12 km from the Valhall area in the southern part of the North Sea.

The re-development concept includes a new Wellhead platform (Hod B) tied back to Valhall Field Centre with rigid pipelines and an umbilical.

The contract scope includes EPCI for pipelines, umbilicals and tie-ins using key vessels from      Subsea 7’s modern fleet. The production pipeline is a pipe-in-pipe design and will include the world’s first application of mechanically lined pipe based on GluBi®(2) technology from BUTTING.

Project management and engineering will commence immediately at Subsea 7’s offices in Stavanger, Norway. Fabrication of the pipelines will take place at Subsea 7’s spoolbase at Vigra, Norway and offshore operations will take place in 2020 and 2021. 

Monica Bjørkmann, Vice President for Subsea 7 Norway said: “Subsea 7 is very pleased with this award by Aker BP, through the Aker BP Subsea Alliance. It acknowledges Subsea 7 as a key partner in the delivery of pioneering technology, transforming the economics of field development. We look forward to continuing our alliance with Aker BP for the Hod Field Development, with safety, reliability and quality at the forefront throughout.”

(1)  Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.

(2)   GluBi ®: A glue-bonded, mechanically lined product, developed by BUTTING, that can be installed by the reel-lay process without using inner pressure or increasing the wall thickness of the corrosion-resistant alloy (CRA) liner, resulting in reduced spooling times and efficient installation.

*******************************************************************************

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

Contact for media enquiries:

Jan Roger Moksnes

Communications Manager, Norway

Tel +47 415 15 777



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 2019. 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..

Attachment

EN
30/06/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Subsea 7 S.A.

 PRESS RELEASE

Subsea 7 S.A. - Seaway7 awarded contract offshore Poland

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...

 PRESS RELEASE

Subsea 7 S.A. Notice of Annual General Meeting

Subsea 7 S.A. Notice of Annual General Meeting Luxembourg – 27 March 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today published and distributed to eligible holders of Common Shares and American Depositary Receipts the Notice of Meeting and supporting material for the Annual General Meeting of Shareholders (the AGM). The AGM is scheduled to take place at 15:00 (local time) on 02 May 2024 at the Company's registered office, 412F, route d'Esch, L-1471 Luxembourg. The holders of American Depositary Receipts (“ADRs”) on record at the close of business on 20 March 2024 and the holders o...

 PRESS RELEASE

Subsea 7 S.A. notification of major holding

Subsea 7 S.A. notification of major holding Luxembourg – 26 March 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 26 March 2024, Barclays Capital Securities Limited1 informed the Company that it recently crossed above the 5% threshold (at 5.11%) provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”). On 19 March 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares held by Barclays was 2,27...

 PRESS RELEASE

Subsea7 Annual Report 2023

Subsea7 Annual Report 2023 Luxembourg – 22 March 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today the publication of the Annual Report containing the Consolidated Financial Statements for the Subsea7 Group and the Financial Statements of Subsea 7 S.A., the Parent Company, for the year ended 31 December 2023. The Annual Report – in PDF and European Single Electronic Format (ESEF) - is attached to this press release and also available on the Group’s website, . *******************************************************************************Subsea7 is a global leade...

 PRESS RELEASE

Subsea 7 S.A. Conference Call Notification First Quarter 2024 Results

Subsea 7 S.A. Conference Call Notification First Quarter 2024 Results Luxembourg – 21 March 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its first quarter 2024 results for the period ended 31 March 2024 on Thursday 25 April 2024 at 08:00 CET. A conference call and simultaneous webcast for the investment community will be held on Thursday 25 April 2024 at 13:00 CET. From 08:00 CET the results announcement and the presentation to be reviewed during the conference call and webcast will be available on the Subsea7 website: Conference call registration:Call:              ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch