Seaway7 awarded offshore wind contract in the UK

Luxembourg – 6 November 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a substantial¹ contract by ScottishPower Renewables for the transport and installation of the inter-array cables of the East Anglia TWO offshore wind project.

ScottishPower Renewables’ £4 billion East Anglia TWO offshore windfarm will be located around 33 kilometres from the east coast of England in the Southern North Sea. Successful in the UK Government’s contracts for difference (CfD) allocation round in September 2024, it will contribute up to 960 MW of clean, green energy – enough to power the equivalent of almost one million homes. It is one of three consented offshore wind farm developments that, together with the operational East Anglia ONE, will form the East Anglia Hub, which will ultimately deliver 4,000 MW of renewable energy generation capacity.

Seaway7’s scope of work for East Anglia TWO includes the engineering, supply and installation of the 64 inter-array cables. Execution of the scope will be led from Seaway7’s Aberdeen office in the UK, with offshore activities scheduled to commence in 2027.

Stuart Fitzgerald, CEO Seaway7, said: “This award builds upon our leading position in the UK and represents a significant contribution to the UK’s renewable target. With this project we also look forward to continuing our relationship with ScottishPower Renewables on our second East Anglia Hub project together, with East Anglia THREE currently in execution.”

Charlie Jordan, ScottishPower Renewables’ CEO said: “It’s great to confirm so much of our supply chain for East Anglia TWO on the back of achieving our CfD and we look forward to building on the positive working relationship we already have with Seaway7 on East Anglia THREE. Getting our EA TWO supply chain in place through confirmed contracts like this means we’re ready to hit the ground – and water! – running and bring another gigawatt of clean, green energy to life, making a real difference for people, places and planet for decades to come.”

⁽¹⁾ Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million.

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Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create 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 +44 (0)20 8210 5568

Contact for media enquiries:

Nikki Beales

Communications Manager, Seaway7

Tel +44 (0)7843895292

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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 6 November 2024 at 10:00 CET.

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