Luxembourg - 27 August 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a major(1) contract by Turkish Petroleum Offshore
Technology Center (TP-OTC). The project was awarded for the development of phase
3 of the Sakarya field development in the Black Sea, offshore Türkiye.
Subsea7's scope includes engineering, procurement, construction and installation
(EPCI) of the subsea umbilicals, risers and flowlines (SURF). Project management
and engineering will commence immediately and will be managed by the Subsea7
office in Istanbul, Türkiye.
David Bertin, Senior Vice President for Subsea7 Global Projects Centre East,
said: "This award builds on our track record in Türkiye and further reinforces
our relationship with TP-OTC, demonstrating Subsea7's expertise in delivering
complex, integrated offshore projects safely and reliably. It underlines our
commitment to supporting Türkiye's strategic energy goals and advancing our
strong regional presence."
Hulya Ozgur, Subsea7 Türkiye Business Unit Director, said: "We are proud to
continue our journey with TP-OTC on the Sakarya Gas Field Development Project,
supporting Türkiye's vision for energy independence. This new award reflects the
dedication and capability of our Türkiye team, our commitment to local content
development, and our focus on delivering safe and efficient offshore solutions."
1. Subsea7 defines a major contract as being between $750 million and $1.25
billion
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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 +44 20 8210 5568
ir@subsea7.com
Contact for media enquiries:
Hariom Cavalcante
Communications Manager
Tel +33 7 66 12 48 80
hariom.cavalcante@subsea7.com
www.subsea7.com
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statements' (within the meaning of the safe harbour provisions of the U.S.
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actual results, performance or events to differ materially from those expressed
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'strategy' 'will', and similar expressions. The principal risks which could
affect future operations of the Group are described in the 'Risk Management'
section of the Group's 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.