Luxembourg - 4 March 2021 - Subsea 7 S.A. (Oslo BĂžrs: SUBC, ADR: SUBCY) today
announced the award of a contract by Equinor for the front-end engineering and
design (FEED) study for the marine installations associated with the Krafla
âŠ
Vis bĂžrsmeldingen
development project, offshore Norway.
The awarded work is required to finalise the technical definition of the
proposed development prior to Equinor and its partners making the final
investment decision (FID) planned late 2022. The FEED study will begin
immediately.
Subsea 7 has recognised the FEED award in its order backlog in the first quarter
of 2022. The value of a potential, subsequent EPCI contract would only be
recognised by Subsea 7 in its backlog upon FID, and would represent a large(1)
project award.
Project management and engineering will take place in our offices in Stavanger
and Aberdeen. Offshore installation activities would be scheduled for
2024, 2025 and 2026.
Monica BjĂžrkmann, Vice President for Subsea 7 Norway said: âThis award continues
our long-standing collaboration with Equinor. The study enables Subsea 7 to
engage early in the field development process, optimising design solutions and
contributing to the final investment decision. We are delighted to be a trusted
partner for Krafla field development, and we look forward to working closely
with Equinor to successfully deliver our scope with safety and quality at the
forefront throughout.â
(1) Subsea 7 defines a large contract as being between USD 300 million and USD
500 million.
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
industryâs partner and employer of choice in delivering the efficient offshore
solutions the world needs.
Subsea 7 is listed on the Oslo BĂžrs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.
Contact for investor enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
katherine.tonks@subsea7.com
Contact for media enquiries:
Jan Roger Moksnes
Communications Manager, Norway
Tel +47 415 15 777
janroger.moksnes@subsea7.com
www.subsea7.com
Forward-Looking Statements: This announcement may contain âforward-looking
statementsâ (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 âanticipateâ, âbelieveâ, âestimateâ, âexpectâ,
âfutureâ, âgoalâ, âintendâ, âlikelyâ âmayâ, âplanâ, âprojectâ, âseekâ, âshouldâ,
âstrategyâ âwillâ, and similar expressions. The principal risks which could
affect future operations of the Group are described in the âRisk Managementâ
section of the Groupâs Annual Report and Consolidated Financial Statements for
the year ended 31 December 2020. 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.
Kilde