Luxembourg - 10 May 2024 - Subsea 7 S.A. (Oslo BĂžrs: SUBC, ADR: SUBCY) today
announced the award of a large(1) contract by Turkish Petroleum Offshore
Technology Center AS (TP-OTC) relating to the Sakarya field development in the
âŠ
Vis bĂžrsmeldingen
Black Sea, offshore TĂŒrkiye. The award will be booked in backlog in Q2 2024.
An initial contract was awarded in May 2023 to a consortium including SLB,
Subsea Integration Alliance(2) and Saipem for the engineering, procurement,
construction and installation of the second development phase (2a) of the
Sakarya gas field. Todayâs award expands the existing contract with Subsea
Integration Alliance to include the installation of TĂŒrkiyeâs first floating
production unit as part of Phase 2a development.
Subsea7âs scope will include the installation and integration of risers,
umbilicals, hook-ups and mooring systems with the FPU. Project management and
engineering will be coordinated through the Subsea7 office in Istanbul, TĂŒrkiye.
Olivier Blaringhem, Chief Executive Officer, Subsea Integration Alliance said:
âWe are proud to receive this contract award extension by TP-OTC to install the
countryâs first floating production unit. We look forward to our continued
collaboration with TP-OTC and our consortium partners to unlock the full
potential of the Sakarya gas field and advance TĂŒrkiyeâs energy security goals.â
Franck Louvety, Senior Vice President of Subsea7âs Global Project Centre - West
said: âTodayâs award extends Subsea7âs involvement in the ongoing development of
TĂŒrkiyeâs first deepwater gas field. In collaboration with TP-OTC, Subsea7 and
our consortium partners will now deliver another milestone for the country - its
first FPU installation.â
Hulya Ozgur, Managing Director Subsea7 TĂŒrkiye, said: âWe are extremely proud to
have been awarded this extension and look forward to continue working with TP-
OTC on this important project.â
(1 )Subsea7 defines a large contract as being between USD 300 million and USD
500 million.
(2) Subsea Integration Alliance is a strategic global alliance between OneSubsea
and Subsea7, bringing together field development planning, project delivery,
innovative contracting models and total life cycle solutions under the worldâs
leading subsea technology and services portfolio
Subsea7 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.
Subsea7 is listed on the Oslo BĂžrs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.
Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com
Contact for media enquiries:
Mariana Monteiro
Communications Manager
Tel +44 20 8210 5819
communications@subsea7.com (mailto:communications@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.
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.
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 10 May 2024 at 15:45 CET.
Kilde
