Subsea7: Subsea Integration Alliance collaboration agreement with Equinor; Commencing work on Wisting and Bay du Nord
02 Mayo 2024 - 6:57AM
Subsea7: Subsea Integration Alliance collaboration agreement with
Equinor; Commencing work on Wisting and Bay du Nord
Luxembourg – 2 May 2024 - Subsea 7 S.A. (Oslo
Børs: SUBC, ADR: SUBCY) today announced the signing of a new
long-term strategic collaboration agreement between Equinor and
Subsea Integration Alliance (which comprises Subsea7 and
OneSubsea). The agreement, which was signed today in Stavanger,
Norway, represents an innovative, integrated way of working. It
enables early information sharing and other collaborative benefits
critical to unlocking subsea projects by making them economically
viable. Building on their experience as members of Subsea
Integration Alliance, this agreement also further cements Subsea7
and OneSubsea’s positions as trusted contractors to Equinor.
The agreement paves the way for exclusive
collaboration to begin immediately on early, joint concept studies
for two projects: the Wisting field offshore Norway, and Bay du
Nord, off Newfoundland and Labrador, Canada.
Under the agreement, any resulting EPCI scopes would be directly
awarded to the Alliance if a final investment decision is made.
Bringing together the expertise, experience and capabilities of
Equinor, Subsea7 and OneSubsea has enabled further exploratory work
at both projects to recommence and through the collaboration
agreement, further such opportunities are expected to be unlocked
in the short to medium term.
Trond Bokn, Senior Vice President for Project
Development of Equinor said: “Equinor is working hard to improve
and mature the Wisting and Bay du Nord projects. Selecting the
supplier at this early stage is a new way of approaching project
development for us, and a vote of confidence in Subsea Integration
Alliance. We look forward to develop concepts together, in a
process with full visibility on profitability, and joint efforts to
make these challenging projects sanctionable.”
John Evans, CEO of Subsea7 said: “Subsea7 has
been collaborating with Equinor for many years to optimise
challenging subsea developments ranging from bundle solutions for
the Snorre Expansion to the integrated Bacalhau development in
Brazil. We look forward to extending and deepening this
relationship as we work together to unlock the value in Wisting and
Bay du Nord.”
Mads Hjelmeland, CEO of OneSubsea said “Equinor
has long been a crucial customer to our business and to the
Alliance. We couldn’t be more proud to be embarking on this
collaboration. Today’s agreement underlines the trusted
relationship that we have built over many years and enables us to
take our collaboration further by sharing and aligning on goals and
values, improving performance and learnings across projects, and
unlocking new opportunities to enhance safety, risk management and
sustainability results.”
*******************************************************************************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:Tracey Miller –
Group External Communications ManagerTel +44 1224 265733Jan Roger
Moksnes - Senior Communications ManagerTel +47 41 51 57
77communications@subsea7.com
Forward-Looking Statements:
This document 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; (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.
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 2 May 2024 at
14:00 CET.
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