Subsea 7 revises its 2022 forecast

Luxemburg 13 June 2022 – Subsea 7 SA (Oslo Børs: SUBC, ADR: SUBCY) today updated its adjusted EBITDA guidance for the full year 2022.

Seaway 7 ASA1 today announced provisions for the results of the execution of offshore wind farm installation projects due to increased costs related to weather delays and mechanical breakdowns. This, combined with an increase in the existing provision on the Formosa 2 project2including the effects of Covid-19, will impact Subsea 7 Adjusted EBITDA for 2022, which is still expected to be broadly in line with 2021.

1 Seaway 7 ASA is listed on Euronext Growth (SEAW7) and its financial statements are consolidated within the Subsea 7 group.

2 As part of the combination agreement between the fixed offshore wind segment of Subsea 7 and OHT AS to form Seaway 7 ASA, the economic interest in the Formosa 2 project was retained by Subsea 7 SA and not transferred to Seaway 7 SAA. The financial result of this project is therefore accounted for in the Renewables segment of Subsea 7 and not in the financial statements of Seaway 7 ASA.

************************************************** **********************************
Subsea 7 is a global leader in providing offshore projects and services for the evolving energy industry, creating lasting value by being the industry’s partner and employer of choice to deliver the effective offshore solutions the world requires.

Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

************************************************** **********************************

Contact for inquiries from the investment community:
Catherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
[email protected]

Forward-looking statements: This announcement may contain “forward-looking statements” (within the meaning of the safe harbor provisions of the United States 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. heard in these statements. Forward-looking statements can be identified by the use of words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “objective”, “intend”, “probable ‘, ‘could’, ‘plan’, ‘project’, ‘research’, ‘should’, ‘strategy’ ‘will’ and similar expressions. The main risks likely to affect the Group’s future operations are described in the “Risk management” section of the Group’s annual report and consolidated financial statements for the year ended December 31, 2021. Factors likely to cause material differences between actual and future results and trends of our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with customer expectations and within the parameters of our offerings, and avoid cost overruns; (ii) our ability to collect receivables, negotiate change orders and collect related revenues; (iii) our ability to recover major project costs; (iv) capital expenditures by oil and gas companies, which are affected by fluctuations in the price and demand for crude oil and natural gas; (v) unexpected 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 or deterioration of our relationship with any major customer; (viii) the outcome of legal proceedings or government investigations; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, civil unrest, changes in foreign government regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or natural disaster; (xi) liability to third parties for the failure of our joint venture partners to perform their obligations; (xii) changes in or our failure to comply with applicable laws and regulations (including regulatory measures relating to climate change); (xiii) operational risks, including spills, environmental damage, personal or property damage, and business interruption caused by adverse weather conditions; (xiv) equipment or mechanical failures, which could increase costs, reduce revenues and result in penalties for failure to meet project completion requirements; (xv) timely delivery of vessels ordered and timely completion of vessel conversion programs; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cybersecurity or data security breaches; and (xvii) the effectiveness of our disclosure controls and procedures and our 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 forward-looking statements. Each forward-looking statement speaks only as of the date of this announcement. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered as inside information in accordance with the EU Market Abuse Regulation and is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Trading Act.

  • SUBC Guidelines June 2022

  • ASA Seaway 7 Exchanges Update

Comments are closed.