Luxembourg - 22 May 2026 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a substantialš contract by Vür Energi for the Goliat Gas
Export Project, located in the Barents Sea, offshore Norway.
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The Goliat Gas Export Project will enable the export of gas from the Goliat
field to the Hammerfest LNG plant (Melkøya) through the existing Snøhvit
pipeline system.
The scope of work includes engineering, procurement, construction and
installation (EPCI) of a 12.7 kilometres 10?inch uninsulated carbon steel
pipeline, along with the installation of associated subsea infrastructure
required to safely and reliably tie in the gas export system.
Project management and engineering activities will commence immediately from
Subsea7âs office in Stavanger, Norway. Offshore operations are scheduled to take
place during 2027-2028.
Erik Femsteinevik, Vice President for Subsea7 Norway, said:
âWe are proud to be awarded the Goliat Gas Export Project, which represents the
first contract awarded under our new strategic partnership agreement(2) with VĂĽr
Energi. This is an important milestone that demonstrates the strong foundation
of trust and collaboration already established between our organisations.
Together, we share a clear commitment to early engagement, predictable delivery,
and safe, efficient execution. Working closely from the outset places us in a
strong position to create value and deliver a high?quality solution for this
important development.â
- Subsea7 defines a substantial contract as being between $150 million and
$300 million.
- The strategic partnership agreement is a collaboration between VĂĽr Energi,
Subsea7 and OneSubsea, entered into on 26 March 2026.
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 Børs (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:
Jan Roger Moksnes
Communications Manager
Tel +47 41515777
janroger.moksnes@subsea7.com
www.subsea7.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 22 May 2026 at 1330 CET.
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