Subsea7: Seaway7 awarded contract offshore Poland
24 Octubre 2023 - 8:15AM
Subsea7: Seaway7 awarded contract offshore Poland
Luxembourg – 24 October 2023 - Subsea 7 S.A.
(Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7,
part of the Subsea7 Group, of a substantial1 contract by Equinor
and partner Polenergia for the inter-array cables of the MFW
Bałtyk II and MFW Bałtyk III bottom-fixed offshore wind projects,
in the Polish part of the Baltic Sea.
Seaway7’s scope of work covers the engineering,
procurement, construction and installation (EPCI) of 100 66kV
inter-array cables, measuring approximately 200 kilometres in
length. The two projects will be delivered in continuous campaigns
with offshore works expected to commence in 2026.
MFW Bałtyk II and MFW Bałtyk III, a 50:50 joint
venture between Equinor and Polenergia, are two of the largest and
most advanced offshore wind farms being developed in Poland, with a
total installed capacity of 1.44 GW.
The wind farms, developed in the Polish
exclusive economic zone of the Baltic Sea, will be located between
22 and 37 kilometres from the coast with water depths ranging from
around 25 to 40 meters.
Stuart Fitzgerald, CEO Seaway7, said: “We are
very pleased to have been selected to supply the full inter-array
cables scope for these significant wind farms in the Baltic region.
This is Seaway7’s first contract in Poland, a new and emerging
market for offshore wind. We look forward to continuing our
long-standing relationship with Equinor and supporting them on
their energy transition journey with this project, our sixth
offshore wind project together”.
(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 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:Janna-Cathrin
MüllerCommunications Advisor, Seaway7Tel +49 (0) 491 91243
223janna.mueller@seaway7.comwww.seaway7.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
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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
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in operating internationally, including economic, political and
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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 24 October 2023 at
15:15 CET.
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