Luxembourg - 7 April 2026 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the signing of a strategic collaboration agreement between PETRONAS
Suriname E&P B.V. ("PETRONAS Suriname"), a subsidiary of PETRONAS and Subsea
Integration Alliance (SIA), which comprises Subsea7 and SLB OneSubsea. The
agreement creates a long-term framework for close collaboration on field
development projects in Suriname.
Through early engagement and integrated execution, the collaboration aims to
simplify complex procurement processes, reduce total development costs and
enhance delivery certainty. The optimisation of project timelines, combined with
a reduction in execution risk, will enhance project economics and unlock
opportunities across a portfolio of prospects in Suriname.
Under the framework, SIA will provide pre-FEED, FEED and engineering,
procurement, construction, installation and commissioning (EPCIC) solutions for
multiple prospective projects. The scope includes subsea umbilical, riser and
flowlines (SURF) from Subsea7, and subsea production systems (SPS) from SLB
OneSubsea.
Craig Broussard, Senior Vice President for Subsea7, said: "We are proud to be
working with PETRONAS Suriname through this strategic agreement to establish
strong, sustainable foundations in Suriname that will support growth in this
emerging frontier basin. The agreement builds on our track record of
collaborating with our clients to drive value creation through the delivery of
optimised development solutions. We are excited to see the positive impact this
work will have in the region."
Olivier Blaringhem, CEO of Subsea Integration Alliance, said: "This is an
exciting and important step for the development of the significant opportunities
of PETRONAS Suriname in Suriname's frontier basins. The combined deepwater
expertise and collaborative, agile approach of Subsea7 and SLB OneSubsea, will
maximize value as the developments secure vital energy resources in the region."
*******************************************************************************
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.
Subsea Integration Alliance (SIA) is a strategic global alliance combining the
strengths of SLB OneSubsea and Subsea7. Working closely with SIA gives customers
unique access to integrated subsea solutions-including field development
planning, EPCI contracting models, end-to-end project delivery-and total life
cycle solutions.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.
*******************************************************************************
Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com (mailto:ir@subsea7.com)
Contact for media enquiries:
Ashley Shearer
Communications Manager
Tel +1-713-300-6792
ashley.shearer@subsea7.com (mailto:ashley.shearer@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