TIDMSUBC 
 
 
 
 
   Luxembourg -- 31 October 2019 -- Subsea 7 S.A. (Oslo Børs: SUBC, 
ADR: SUBCY) announced today an award by OneSubsea(R), the subsea 
technologies, production and processing systems division of Schlumberger, 
a front-end engineering design (FEED) study for the subsea umbilicals 
and flowlines system of the Ormen Lange Field, operated by A/S Norske 
Shell, in the Norwegian Sea. 
 
   A/S Norske Shell awarded OneSubsea an engineering, procurement, 
construction and installation (EPCI) contract to supply a subsea 
multiphase compression system. Subsea 7's scope under this contract 
includes front-end engineering design (FEED), which will proceed to 
execution phase in the case of positive FID by A/S Norske Shell and its 
partners, Petoro, Equinor, INEOS and ExxonMobil. The work will be 
executed as a Subsea Integration Alliance(1) project. 
 
   Subsea 7 has already recognised the value of the engineering studies in 
its Order Backlog. The value of the execution contract will be 
recognised after FID, following exercise of the option. Assuming FID is 
reached, it will be equivalent to a sizeable(2) project award for Subsea 
7. 
 
   The subsea multiphase compression system provided by OneSubsea will be 
installed at 850 metres of water depth and consists of two 16-megawatt 
subsea compression stations tied into existing manifolds and pipelines. 
Power supply and control will be provided by the Nyhamna onshore gas 
processing plant, which is located 120km from the subsea location. Once 
the subsea multiphase compression system is installed, the tieback 
distance will represent a world record for transmitting variable speed 
power from shore to seabed. 
 
   Monica Th. Bjørkmann, Subsea 7's Vice President Norway, said, "This 
award is an important demonstration of the value Subsea Integration 
Alliance brings by combining the technologies and capabilities of 
OneSubsea and Subsea 7 into a seamless integrated offering, resulting in 
the delivery of optimised solutions, with reduced execution and 
interface risk. This compression tieback project builds on the Subsea 
Integration Alliance integrated boosting tieback packages supplied to 
Taqa Otter in the North Sea and Murphy Dalmatian in the Gulf of Mexico." 
 
 
   1. Subsea Integration Alliance is a strategic global alliance between Subsea 
      7 and OneSubsea(R), the subsea technologies, production and processing 
      systems division of Schlumberger, bringing together field development 
      planning, project delivery and total lifecycle solutions under an 
      extensive technology and services portfolio. As one team, Subsea 
      Integration Alliance amplifies subsea performance by helping customers to 
      define, select, install and operate the smartest subsea projects, that 
      eliminate costly revisions, delays and reduces risk across the life of 
      field. 
 
   2. Subsea 7 defines a sizeable contract as being between USD 50 million and 
      USD 150 million. 
 
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   Subsea 7 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. 
 
   ******************************************************************************* 
 
 
   Contact for investment community enquiries: 
 
   Isabel Green 
 
   Investor Relations Director 
 
   Tel +44 20 8210 5568 
 
   isabel.green@subsea7.com 
 
   www.subsea7.com 
 
   Contact for media enquiries: 
 
   Jan Roger Moksnes 
 
   Communications Manager Norway 
 
   Tel. +47 415 15 777 
 
   janroger.moksnes@subsea7.com 
 
   www.subsea7.com 
 
   Forward-Looking Statements: Certain statements made in this announcement 
may include 'forward-looking statements'. These statements may be 
identified by the use of words like 'anticipate', 'believe', 'could', 
'estimate', 'expect', 'forecast', 'intend', 'may', 'might', 'plan', 
'predict', 'project', 'scheduled', 'seek', 'should', 'will', and similar 
expressions. The forward-looking statements reflect our current views 
and are subject to risks, uncertainties and assumptions. The principal 
risks and uncertainties which could impact the Group and the factors 
which could affect the actual results are described but not limited to 
those in the 'Risk Management' section in the Group's Annual Report and 
Consolidated Financial Statements 2018. These factors, and others which 
are discussed in our public announcements, are among those that may 
cause actual and future results and trends to differ materially from our 
forward-looking statements: actions by regulatory authorities or other 
third parties; our ability to recover costs on significant projects; the 
general economic conditions and competition in the markets and 
businesses in which we operate; our relationship with significant 
clients; the outcome of legal and administrative proceedings or 
governmental enquiries; uncertainties inherent in operating 
internationally; the timely delivery of vessels on order; the impact of 
laws and regulations; and operating hazards, including spills and 
environmental damage. Many of these factors are beyond our ability to 
control or predict. Other unknown or unpredictable factors could also 
have material adverse effects on our future results. Given these factors, 
you should not place undue reliance on the forward-looking statements. 
 
   Attachment 
 
 
   -- SUBC Shell Ormen Lange F 
      https://ml-eu.globenewswire.com/Resource/Download/a73a5334-3163-4064-9055-cc926b0dfd82 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

October 31, 2019 11:34 ET (15:34 GMT)