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Luxembourg – 11 December 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial 1 contract for a subsea tieback development in the US Gulf of Mexico. Subsea7's scope of work includes the engineering, procurement, construction, and installation (EPCI) of subsea equipment, including structures, umbilicals, production risers, and flowlines. Project management and engineering work will start immediately at Subsea7's office in Houston, Texas, with offshore activities expected to begin in 2026. Craig Broussard, Senior Vice President of Subsea7 Gulf of Mexico, said, “ We are proud to be part of this high-pressure deepwater subsea tieback development. This project builds on our strong track record of successfully delivering oil and gas projects in the deepwater Gulf of Mexico .” Subsea7 defines a substantial contract as being between $150 million and $300 million. ******************************************************************************* 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 Tonks Investor Relations Director Tel +44 20 8210 5568 ir@subsea7.com Contact for media enquiries: Ashley Shearer Communications Manager Tel +1-713-300-6792 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; (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 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 11 December 2024 at 23:25 CET. Attachment SUBC Gulf of Mexico Dec 2024Judge Blocks Kroger’s $24.6 Billion Albertsons Deal Over Competition Concerns
In June, Eagle River Water and Sanitation District staff learned of a problem : The sewer interceptor pipe running through EagleVail had an irregular flow pattern. While there were only minor impacts to service at the time — one customer’s wastewater was not draining properly — an investigation of the pipe revealed a greater issue. Tree roots in several places infiltrated the vitrified clay pipe that made up the sewer interceptor. An interceptor, also called a trunk line, is a larger type of pipe that absorbs the flow from smaller pipes as it moves down the system. This particular trunk line is essential because it carries wastewater between Vail and Avon. The pipe was partially filled with roots in some places, leaving significantly less space for wastewater to flow. While the issue was non-emergent — many days, wastewater only fills a third of the pipe — it remained top of mind for district staff. The monthlong repair, which cleared out the roots and installed a cured-in-place pipe to keep them from returning, wrapped up last month. From Oct. 22 through Nov. 20, district staff supervised a specialized contractor-led repair using a cured-in-place pipe liner, essentially a custom-made sleeve that hardens in place once it is inserted into the pipe, creating one long pipe surface and reinforcing the existing pipe’s walls. Brad Zachman, the district’s director of operations, Niko Nemcanin, the district’s field operations manager, and Micah Schuette, the project manager, presented the construction progress to the district board on Dec. 5. When Eagle County’s upper valley was starting to fill out in the 1960s and 1970s, the district installed a sewer system to serve its new residents. That system was primarily made out of clay pipe. As clay pipe ages, water sometimes escapes from the joints where individual pipes are connected, and tree roots will trace their way to the source. Over time, roots can create significant impediments within the pipe as they grow, fed by the nutrients flowing through the pipe. “When you have the trees planted on top of our pipes and our easements, it can lead to this type of intrusion,” Schuette said. It is in the district’s rules and regulations that trees — along with any other landscaping or structures — should not be planted or built within district easements. The sewer interceptor in EagleVail runs from West Vail to Avon, carrying wastewater between the district’s Vail Wastewater Treatment Facility to the Avon Wastewater Treatment Facility. The pipe operates all day, every day, and is the main transporter of that area’s wastewater. The four sections that needed to be repaired totaled 1,260 linear feet long, making it the biggest pipe-lining project the district had ever taken on, Nemcanin said. The process of fixing the pipe required multiple steps. First, the pipe had to be bypassed, moving its contents into an alternative pipe without disrupting service. The sewer interceptor then had to be cleaned of tree roots and rocks with specialized tools. Finally, the liner was installed. Residents of EagleVail and Avon may be familiar with the bypass, a 3,000-foot-long pipe that ran aboveground on the south shoulder of U.S. Highway 6 from east of the Post Boulevard roundabout to Stonebridge Drive. The liner, which is 9 millimeters thick, was custom-made to fit the pipe. The pipe was measured several times before the liner was made. “One of the risks of the CIPP is if you haven’t thoroughly characterized the inside of the pipe and they show up with this impregnated folded liner and it’s the wrong size, or you run into a situation where the pipe is damaged ... you eat the cost of that liner because it can’t be used” in another pipe, Zachman said. The liner arrived looking like a heavy, deflated bag, Schuette said. The liner was inserted into the pipe and was then molded to the pipe with heat. During transit, the liner was kept cold with ice. “As soon as it heats up, then it starts to cure,” Schuette said. To mold the pipe in place, steam was passed through the pipe. A small wire running through the bottom of the pipe measured the temperature, as the liner had to reach 150 degrees for around an hour to properly harden in place. While there are no joints in the cured-in-place pipe, an “important disadvantage” of the liner is that when sections of the liner need to be cut out where the sewer interceptor connects to other pipes or manholes, those can become “a pathway for roots,” Zachman said. To combat this, special inserts will be added to block out the roots in those places. In the end, the pilot project cost $516,000. Schuette called this “a pretty good price” compared to an open trench repair, which would have required excavating and potentially replacing the whole pipe and the roadway above it, a much longer, more disruptive and costlier project. While the EagleVail repair was a big undertaking, the four sections made up only a quarter mile of the roughly 18 miles of clay pipe in the district’s system. Any section of pipe that is made of clay will need to be investigated for similar root infiltration. Though not all 18 miles of pipe are interceptor, most pipe installed between Vail and Avon is likely clay. If the pipe were to be installed today, district staff would use a new PVC technology that is flexible, will not crack lengthwise, and, most importantly, has gaskets that prevent trees from gaining access to the interior, Nemcanin said. The district is already beginning talks with contractors about the next phase of the project. In addition to the repairs in EagleVail, the contractors investigated three segments of pipe upstream and downstream of the repaired sections and did not find major intrusions, Nemcanin said. Notably, these un-infiltrated sections did not have large trees on or around them. The section of pipe from Avon to Edwards is made of PVC pipe and thus less susceptible to the root infiltration issue, so the investigation for other damaged sections of pipe will head east from EagleVail. The presence of trees on the aerial map of the area will help identify priority areas for investigation. As other infiltrated sections of pipe are identified, the results of the contractor’s inspection will determine whether a full replacement is needed, or a cured-in-place liner will suffice.
FORESTVILLE, Calif. (AP) — A major storm moving through Northern California on Thursday toppled trees and dropped heavy snow and record rain after damaging homes, killing two people and knocking out power to hundreds of thousands in the Pacific Northwest. Forecasters warned that the risk of flash flooding and rockslides would continue, and scores of flights were canceled at San Francisco's airport. In Washington, more than 320,000 people — most of them in the Seattle area — were still without power as crews worked to clear streets of electrical lines, fallen branches and debris. Utility officials said the outages, which began Tuesday, could last into Saturday. Meanwhile on the East Coast, where rare wildfires have raged, New York and New Jersey welcomed much-needed rain that could ease the fire danger for the rest of the year. The National Weather Service extended a flood watch into Saturday for areas north of San Francisco as the region was inundated by the strongest atmospheric river — a long plume of moisture that forms over an ocean and flows through the sky over land — this season. The system roared ashore Tuesday as a “bomb cyclone,” unleashing fierce winds . Communities in Washington opened warming centers offering free internet and device charging. A number of medical clinics closed because of power outages. “I’ve been here since the mid-’80s. I haven’t seen anything like this,” said Trish Bloor, who serves on the city of Issaquah’s Human Resources Commission, as she surveyed damaged homes. Up to 16 inches (about 41 centimeters) of rain was forecast in southwestern Oregon and California's northern counties through Friday. The Sonoma County Airport, in the wine country north of San Francisco, received 6.92 inches (17.5 centimeters) Wednesday, breaking a record dating to 1998. In nearby Forestville, one person was hurt when a tree fell on a house. Small landslides were reported across the North Bay region, including one on State Route 281 on Wednesday that caused a car crash, according to Marc Chenard, a weather service meteorologist. Rain slowed somewhat, but “persistent heavy rain will enter the picture again by Friday morning,” the weather service's San Francisco office said on the social platform X. “We are not done!” Dangerous flash flooding, rockslides and debris flows were possible, especially where hillsides were loosened by recent wildfires, officials warned. Scott Rowe, a hydrologist with the weather service in Sacramento, said that so far the ground has been able to absorb the rain in California's Butte and Tehama counties, where the Park Fire burned over the summer. “It’s not necessarily how much rain falls; it’s how fast the rain falls,” Rowe said. Northern Mendocino and southern Humboldt counties received between 4 and 8 inches (10 and 20 centimeters) of rain in the last 48 hours, and similar amounts were expected over the next 48 hours, forecasters said. Wind gusts could top 50 mph (80 kph). The storm system, which first hit the Pacific Northwest on Tuesday, reached the status of “ bomb cyclone ,” which occurs when a cyclone intensifies rapidly. A winter storm watch was in place for the northern Sierra Nevada above 3,500 feet (1,066 meters), with 15 inches (38 centimeters) of snow possible over two days. Wind gusts could top 75 mph (121 kph) in mountain areas, forecasters said. Sugar Bowl Resort, north of Lake Tahoe near Donner Summit, picked up a foot (30 centimeters) of snow overnight, marketing manager Maggie Eshbaugh said Thursday. She said the resort will welcome skiers and boarders on Friday, the earliest opening date in 20 years. “And then we’re going to get another whopping of another foot or so on Saturday, so this is fantastic,” she said. Another popular resort, Palisades Tahoe, is also opening Friday, five days ahead of schedule, according to its website. The storm already dumped more than a foot of snow along the Cascades in Oregon by Wednesday night, according to the weather service. Forecasters warned of blizzard and whiteout conditions and nearly impossible travel at pass level. Falling trees struck homes and littered roads across western Washington, killing at least two people. A woman in Lynnwood was killed when a large tree fell on a homeless encampment, and another in Bellevue died when a tree fell on a home. More than a dozen schools closed in the Seattle area Wednesday, and some opted to extend the closures through Thursday. In Enumclaw, east of Seattle, residents were cleaning up after their town clocked the highest winds in the state Tuesday night: 74 mph (119 kph). Resident Sophie Keene said the powerful gusts caused transformers to blow out around town. “Things were exploding, like, everywhere,” Keene told the Seattle Times. “Like the transformers over by the park. One blew big, it looked like fireworks just going off.” Ben Gibbard, lead singer of the indie rock bands Death Cab for Cutie and Postal Service, drove from his Seattle neighborhood Thursday morning to the woods of Tiger Mountain for his regular weekday run, but there were too many trees blocking the trail. “We didn’t get hit that hard in the city,” he said. “I just didn’t assume it would be this kind of situation out here. Obviously you feel the most for people who had their homes partially destroyed by this.” In California, there were reports of more than 20,000 power outages on Thursday. Only 50 vehicles per hour were allowed through part of northbound Interstate 5 from 10 miles (16 kilometers) north of Redding to 21 miles (34 kilometers) south of Yreka due to snow, according to California's Department of Transportation. Transportation officials also shut down a two-mile (3.2 kilometer) stretch of the famed Avenue of the Giants, a scenic drive named for its towering coast redwoods, due to flooding. About 150 flights were delayed and another two dozen were canceled early Thursday at San Francisco International Airport after hundreds of delays and dozens of cancelations the previous day, according to tracking service FlightAware. Parched areas of the Northeast got a much-needed shot of precipitation Thursday, providing a bit of respite in a region plagued by wildfires and dwindling water supplies. More than 2 inches (5 centimeters) of rain was expected by Saturday morning in areas north of New York City, with snow mixed in at higher elevations. “Any rainfall is going to be significant at this point,” said Brian Ciemnecki, a weather service meteorologist in New York City, where the first drought warning in 22 years was issued this week. “Is it going to break the drought? No, we’re going to need more rain than that.” ___ Har reported from San Francisco, and Weber from Los Angeles. Associated Press writers Hallie Golden and Gene Johnson in Seattle; Martha Bellisle in Issaquah, Washington; Sarah Brumfield in Washington, D.C.; and Michael Hill in Albany, New York, contributed. Godofredo A. Vásquez, Janie Har And Christopher Weber, The Associated Press
