Subsea7 awarded contract in North Sea
19 Diciembre 2023 - 8:00AM
Subsea7 awarded contract in North Sea
Luxembourg – 19 December 2023 - Subsea7 S.A.
(Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a
sizeable1 extension of an existing frame agreement by bp, for
subsea construction, inspection, repair and maintenance services
(IRM), across bp’s North Sea assets.
This is the agreement’s latest extension since
the original frame agreement began in 1998. Under the terms of this
two-year extension to the end of 2025, Subsea7 will provide an IRM,
survey and light construction vessel, complete with work class and
observation class remotely operated underwater vehicles (ROV),
capable of performing inspection, survey, intervention, subsea
construction and emergency response services.
Project management and engineering work will
continue to be managed from Subsea7’s office in Aberdeen.
Steve Wisely, Senior Vice President for Subsea7
UK & Global Inspection, Repair and Maintenance, said: “We are
immensely proud of the safe and effective IRM services we have
executed for bp for 25 years across its west of Shetland assets.
Supporting bp in what is notably one of the harshest offshore
environments, has significantly contributed to the expansive
deepwater project delivery expertise that we offer across the
globe.”
(1) Subsea7 defines sizeable as being between USD 50 million and
USD 150 million.
*******************************************************************************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.
*******************************************************************************
Contact for investment community
enquiries:Katherine TonksInvestor Relations DirectorTel
+44 20 8210 5568ir@subsea7.com
Contact for media enquiries:Michelle
Wainwright
UK & Global IRM Communications ManagerTel
+44 (0)7876778370Michelle.wainwright@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 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 19 December 2023
at 15:00 CET.
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