Subsea7 awarded contract offshore Norway
Luxembourg – 31 March 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Equinor as technical service provider (TSP) for the Northern Lights Phase 2 project, offshore Norway.
Subsea7’s scope includes engineering, procurement, construction and installation of a five kilometre CO2 pipeline, as well as installation of integrated satellite structures, umbilicals, tie-in and pre-commissioning activities.
Project management and engineering will commence immediately at Subsea7’s office in Stavanger, Norway. Fabrication of the pipeline will take place at Subsea7’s spoolbase at Vigra, Norway and offshore operations will be executed in 2026 and 2027.
Erik Femsteinevik, Vice President for Subsea7 Norway said: “We are excited to continue our collaboration with Equinor TSP and the Northern Lights’ owners Equinor, Shell and TotalEnergies on phase 2 of this ambitious and pioneering project. We look forward to working together to increase the development’s carbon storage capacity to a minimum of five million tonnes per year, and to support the continued development of a new value chain for Norway and Europe.”
Northern Lights phase 2 is enabled by a grant from the Connecting Europe Facility for Energy (CEF Energy) funding scheme.
- Subsea7 defines a sizeable contract as being between $50 million and $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
Contact for media enquiries:
Jan Roger Moksnes
Communications Manager
Tel
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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 31 March 2025 at 12:15 CET.
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