Subsea7 confirms major contract offshore Brazil
31 Octubre 2023 - 8:00AM
Subsea7 confirms major contract offshore Brazil
Luxembourg – 31 October 2023 –
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today confirmed the
award of a major1 contract amendment by Petrobras for the
development of the Mero 4 field2 located approximately 200
kilometres off the coast of the state of Rio de Janeiro, Brazil, at
2,200 metres water depth in the pre-salt Santos basin. The award
was announced in redacted form on 27 September 20233 and was
recorded in backlog in the third quarter of 2023.
The contract amendment scope includes
engineering, procurement, fabrication, installation and
pre-commissioning of 76 kilometres of rigid risers and flowlines
for the steel lazy wave production system.
Project management and engineering will commence
immediately at Subsea7’s offices in Rio de Janeiro and Paris.
Fabrication of the pipelines will take place at Subsea7’s spoolbase
at Ubu in the state of Espirito Santo and offshore operations are
scheduled to be executed in 2025 and 2026.
Yann Cottart, Vice-President Brazil said: “This
contract builds on decades of experience executing major EPCI
projects around the world and extends our portfolio of projects in
Brazil. Subsea7 looks forward to continuing its strong,
collaborative relationship with Petrobras as we work together to
successfully deliver the Mero 4 project.”
- Subsea7 defines a major contract as being one where its share
of revenue is over USD 750 million.
- Mero 4 is the fourth definitive project of Mero Unitized Field
in Pre-salt that is operated by Petrobras (38.6%), in partnership
with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%),
CNOOC (9.65%) and Pré-Sal Petróleo SA (PPSA) (3.5%), representing
the Government in the non-contracted area.
- https://newsweb.oslobors.no/message/600343
*******************************************************************************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
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 31 October 2023 at
15:00 CET.
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