Subsea7: Subsea Integration Alliance signs MoU with bp
25 Septiembre 2023 - 3:26AM
Subsea7: Subsea Integration Alliance signs MoU with bp
Luxembourg –
25 September
2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)
today announced that Subsea Integration Alliance1 has signed a
memorandum of understanding (MoU) aimed at forming a framework
agreement with bp for integrated subsea developments.
Under the framework agreement, Subsea
Integration Alliance would work with bp from concept selection,
through the full field life cycle, to deliver enhanced subsea
project performance, based on new ways of working and an innovative
commercial model.
A new team would be formed to oversee and manage
activity across the programme with a focus on safety, quality and
subsea project performance.
Olivier Blaringhem, CEO of Subsea Integration
Alliance, said: “This agreement will mark a step change in how our
highly collaborative teams work together to achieve shared
objectives for mutual value. Together with bp, we will deliver
lower-carbon energy to the world through enhanced long-term subsea
performance.”
Ewan Drummond, bp’s SVP Projects, said: “The
members of Subsea Integration Alliance have been a key supplier of
bp for decades, and by combining our resources and knowledge, we
can bring significant benefits to our customers and our
stakeholders. Together we can safely deliver projects with improved
project schedules, reducing our total cost of ownership and
harnessing synergies through a collaborative one-team mindset. We
look forward to getting to work.”
1 Subsea Integration Alliance is a
nonincorporated strategic global alliance between Subsea7 and
OneSubsea™, the subsea technologies, production, and processing
systems business of SLB, bringing together field development
planning, project delivery, and total life cycle solutions under an
extensive technology and services portfolio
*******************************************************************************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 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.
*******************************************************************************
Contact for investment community
enquiries:Katherine TonksInvestor Relations DirectorTel
+44 (0)20 8210 5568ir@subsea7.com
Contact for media
enquiries:Tracey Miller Group External
Communications Manager
communications@subsea7.comwww.subsea7.com
Forward-Looking Statements:
This announcement may contain ‘forward-looking statements’ (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 ‘anticipate’, ‘believe’, ‘estimate’,
‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’,
‘project’, ‘seek’, ‘should’, ‘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; 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 stock exchange release was published by
Katherine Tonks, Investor Relations, Subsea7, on 25 September 2023
at 10:05 CET.
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