Luxembourg - 6 November 2024 - Subsea 7 S.A. (Oslo BĂžrs: SUBC, ADR: SUBCY) today
announced the award to Seaway7, part of the Subsea7 Group, of a substantial(1)
contract by ScottishPower Renewables for the transport and installation of the
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Vis bĂžrsmeldingen
inter-array cables of the East Anglia TWO offshore wind project.
ScottishPower Renewablesâ ÂŁ4 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 Governmentâs 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.
Seaway7âs 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 Seaway7âs Aberdeen office in the UK, with offshore activities scheduled to
commence in 2027.
Stuart Fitzgerald, CEO Seaway7, said: âThis award builds upon our leading
position in the UK and represents a significant contribution to the UKâs
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.â
Charlie Jordan, ScottishPower Renewablesâ CEO said: âItâs 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 weâre 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.â
((1) )Subsea7 defines a substantial contract as being between USD 150 million
and USD 300 million.
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
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 (0)20 8210 5568
ir@subsea7.com
Contact for media enquiries:
Nikki Beales
Communications Manager, Seaway7
Tel +44 (0)7843895292
nikki.beales@seaway7.com
www.seaway7.com
Forward-Looking Statements: This document 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; (xvii) global availability at scale and
commercially viability of suitable alternative vessel fuels; and (xviii) 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 document. 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 6 November 2024 at 10:00 CET.
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