Luxembourg - 1 December 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a sizeable(1) contract by Ithaca Energy, for the
provision of off-station decommissioning services for the Alba Floating Storage
Unit and Greater Stella field FPF-1 production facility, approximately 230
kilometres east of Aberdeen.
This decommissioning scope includes the flushing of the subsea pipelines,
provision of diver support vessel services, and seabed clearance.
Project management and engineering will commence immediately at Subsea7's office
in Aberdeen. Offshore activities are scheduled to commence in Q2 2026.
Hani El Kurd, Senior Vice President of UK and Global Inspection, Repair and
Maintenance, Subsea7, said: "This award provides an excellent opportunity to
further demonstrate the extent of our three decades of full-field proven
decommissioning expertise and our capability in delivering complex, safe and
effective solutions. Subsea7 is proud of its longstanding relationship with
Ithaca Energy, which began in 2008, and looks forward to collaborating closely
throughout this project to combine our expertise and ensure its successful
delivery."
1. Subsea7 defines a sizeable contract as being between $50 million and $150
million
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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.
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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com
Contact for media enquiries:
Michelle Wainwright
UK & Global IRM Communications Manager
Tel +44 (0)7876778370
Michelle.wainwright@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