Oslo - 28 April 2022 - Seaway 7 ASA (Euronext Growth: SEAW7) announced today
results for the first quarter which ended 31 March 2022.

First Quarter highlights
o First quarter 2022 revenue up 11% year-on-year to $267 million 
o First quarter Adjusted EBITDA of $14 million equating to a margin of 5%
o Order intake in the first quarter of $93 million, equating to a first quarter
book-to-bill ratio of 0.4, resulting in backlog of $1.0 billion at quarter end

For the period (in $                              Three Months Ended
millions, except 
Adjusted EBITDA margin                         31 Mar 2022  31 Mar 2021
and per share data)                              Unaudited    Unaudited
------------------------------------------------------------------------
Revenue	                                               267	    241
Adjusted EBITDA(a)	                                14	     (7)
Adjusted EBITDA margin(a)	                        5% 	    (3%)
Net operating loss       	                        (8)	    (20)
Net loss        	                                (2)	    (27)
		
Earnings per share - in $ per share 
Basic	                                             (0.00)	  (0.09)   
Diluted(b)	                                     (0.00)	  (0.09)
------------------------------------------------------------------------
					                            	                
                                               31 Mar 2022  31 Mar 2021
At (in $ millions)                               Unaudited    Unaudited
------------------------------------------------------------------------
Backlog(c)                                           1,046        1,238
Book-to-bill ratio - year-to-date(c)		       0.4	    0.3
Cash and cash equivalents 	                        22	     22
Borrowings			                       (99)	   (101) 
Net debt excluding lease liabilities(d)		       (77)         (79)
Net debt including lease liabilities(d)		       (96)	   (106)
------------------------------------------------------------------------
(a) For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA
margin refer to Note 8 'Adjusted EBITDA and Adjusted EBITDA margin' to the
Condensed Consolidated Financial Statements. 
(b) For the explanation and a reconciliation of diluted earnings per share refer
to Note 7 'Earnings per share' to the Condensed Consolidated Financial
Statements.
(c) Backlog is a non-IFRS measure. Book-to-bill ratio represents total order
intake divided by revenue recognised in the year. Book-to-bill ratio represents
total order intake, (excluding amounts related to business combinations),
divided by revenue recognised in the year-to-date. Comparative figure is for the
full year ended 31 December 2021. 
(d) Net debt is a non-IFRS measure and is defined as cash and cash equivalents
less borrowings. 

Stuart Fitzgerald, Chief Executive Officer, said:
In the first quarter of 2022, Seaway 7 delivered solid revenue and EBITDA growth
compared with the prior year period. Although we experienced a relatively quiet
quarter for announced new orders, the Group's backlog remains robust at $1.0
billion. Tendering activity has been high with several contracts and preferred
supplier positions expected to be awarded to the industry in the coming months.

First quarter operational review 
The first quarter saw a continuation of good operational progress in the
fabrication and installation phase on the Seagreen project. Of the 114 jackets,
60 jackets were delivered and on site in Nigg, Scotland with a further 20
jackets completed by fabricators and in transit from fabrication yards in China
and the Middle East. By quarter end, 21 jackets and 11 cables were installed and
the delivery of the remaining jackets and cables to the marshalling yard in
Scotland remains on schedule.

As reported in the press on 14 April 2022, an incident took place with Saipem's
S7000 vessel whilst off-hire from Seaway 7 and on a planned maintenance stop.
The timing of the return to work of the S7000 onto the Seagreen project is
currently being evaluated. 

Seaway Strashnov completed the monopile installation on the Kaskasi project in
the German Bight in the first quarter. This was the first commercial use of a
new method and equipment for installing monopiles in Dynamic Positioning mode
from the Seaway Strashnov, a key milestone for Seaway 7 and an industry first.
Seaway Yudin mobilised onto the Formosa 2 project in Taiwan and continued the
installation of the pin-piles. Seaway Aimery commenced cable installation on the
Hollandse Kust Zuid project, Netherlands and Seaway Moxie continued to be active
on the Hornsea II project in the UK. Having finished 2021 work scopes on the
Yunlin project Seaway Phoenix transited to the UK for maintenance in preparation
for cable installation on the Seagreen project, UK. Maersk Connector sailed to
Asia to support Taiwan project activity during 2022.

The heavy transportation vessels maintained their high levels of utilisation,
despite planned dry-dockings, and we saw an improvement in the time charter
equivalent day rates in the quarter.

During Q1 2022, the utilisation of the active fleet was 65%, down from 80% in
the fourth quarter 2021.

The development of Seaway Alfa Lift foundation installation vessel continued
through the first quarter in 2022 with sea trials successfully completed and
commissioning of marine systems progressing. 

The repairs of the Liebherr crane A-frame continued and are expected to be
complete in the second half of 2022. The mission equipment for the upending and
lowering of monopiles remains the critical path to vessel delivery and readiness
for operations. 

The development of Seaway Ventus, the Group's first wind turbine installation
vessel, continued during the first quarter with good progress on detailed
design, yard activities and crane manufacture from GustoMSC. Vessel delivery is
scheduled for mid-2023 with the vessel anticipated to start in the first half of
2024 on the Borkum Riffgrund 3 and Gode Wind 3 project in Germany.

We are monitoring risks associated with the ongoing Covid-19 restrictions and
lockdowns in China, particularly as it relates to the movement of 3rd party
equipment and personnel.

First quarter financial review
First quarter revenue of $267 million increased by 11% compared to the prior
year period, reflecting higher activity on the Seagreen project, UK. Adjusted
EBITDA margin increased to 5% from a negative Adjusted ETBIDA margin of 3%.
After depreciation and amortisation of $22 million, the Group recorded a net
operating loss of $8 million. Net loss for the quarter was $2 million, after a
tax credit of $5 million.

During the quarter, net cash generated from operating activities was $20 million
which was impacted by delayed client payments linked to commercial discussions
in relation to Covid-19 challenges and delays in Taiwan. Capital expenditure was
$13 million and mainly related to planned dry dockings of the heavy
transportation vessels. Net cash used in financing activities of $8 million
included receipt of a $35 million short-term loan from the Group's ultimate
parent undertaking, Subsea 7 S.A. Group, offset by repayment in full of the
Seaway 7 ASA Revolving Credit Facility of $37 million and $5 million payment of
lease liabilities. Cash and cash equivalents remained stable since 31 December
2021 and was $22 million by the end of the quarter.

In the first quarter, the Group recognised new awards of $33 million and
escalations of approximately $60 million, resulting in a book-to-bill ratio of
0.4. The backlog at the end of March 2022 was $1.0 billion, of which $675
million is expected to be executed during the remainder of 2022.

Outlook 
For the remainder of 2022 Seaway 7 benefits from a high level of visible
activity afforded by its backlog. Ongoing tendering activity is significant for
projects expected to be awarded to the industry in 2022, primarily for projects
in UK, Europe and the US. This underpins our positive outlook for activity and
earnings for Seaway 7 beyond the current backlog.  To support this positive
outlook we expect to have the core financing of the company in place by the end
of the third quarter of 2022.

Seaway 7 remains well placed as a market leader in fixed offshore wind, with
exposure across multiple segments in the value chain, and a unique geographic
and client positioning.  Market fundamentals for fixed offshore wind continue to
strengthen and we expect demand for our services to be strong in the years to
come. New assets under construction, a strengthening market and our ability to
deliver large Integrated and EPCI projects for our customers will be key drivers
for earnings growth going forward.

Special Note Regarding Forward-Looking Statements 
Forward-Looking Statements: This announcement may contain 'forward-looking
statements'. 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' section of the Group's Annual Report.
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