Oslo - 3 March 2022 - Seaway 7 ASA (Euronext Growth: SEAW7) announced today
results for the fourth quarter and full year which ended 31 December 2021.
Unless otherwise stated the comparative period is the full year which ended 31
December 2020.

Fourth Quarter and Full Year 2021 highlights
o Completion on 1 October 2021 of business combination between OHT ASA and the
Subsea 7 S.A. Group's fixed offshore wind business to create Seaway 7 ASA
o Fourth quarter 2021 revenue up 40% year-on-year to $326 million 
o Fourth quarter adjusted EBITDA of $30 million equating to a margin of 9%
o Order intake in the fourth quarter of $259 million, equating to a fourth
quarter book-to-bill ratio of 0.8, resulting in a backlog of $1,238 million at
year end

For the period (in $             Fourth Quarter	          Full Year
millions, except 
Adjusted EBITDA margin       Q4 2021      Q4 2020       2021      2020
and per share data)        Unaudited    Unaudited    Audited   Audited          
                      
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Revenue	                         326	      234      1,260       631
Adjusted EBITDA(a)	          30	       11	  24	    12
Adjusted EBITDA margin(a)	  9%	       5%	  2%        2%
Net operating income/(loss)	   8	       (2)       (39)      (40)
Net income/(loss)	           7	       (4)       (63)      (50)
		
Earnings per share - in $ per share 
Basic	                        0.02	    (0.01)     (0.18)    (0.16)
Diluted(b)	                0.02	    (0.01)     (0.18)    (0.16)
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	                            	                2021       2020
At (in $ millions)                                    31 Dec     31 Dec
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Backlog(c)                                             1,238      1,987
Book-to-bill ratio - full year(c)			 0.3	    3.1
Cash and cash equivalents 	                          22	      8
Borrowings			                        (101)	    (35) 
Net debt excluding lease liabilities(d)			 (79)       (27)
Net debt including lease liabilities(d)			(106)	    (36)
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(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.
(d) Net debt is a non-IFRS measure and is defined as cash and cash equivalents
less borrowings. 

Basis of preparation of results
The business combination between OHT ASA (renamed Seaway 7 ASA) and the Subsea 7
S.A. Group's Renewables business unit was completed on 1 October 2021. For
accounting and reporting purposes, the Subsea 7 S.A. Group's Renewables business
unit was deemed to be the accounting acquirer. The business combination
qualifies as a reverse acquisition, with the legal acquirer and legal parent
being OHT ASA (renamed Seaway 7 ASA). The Condensed Consolidated Financial
Statements of Seaway 7 Group (the Group) are presented as follows: 
o For the nine-month period ended 30 September 2021 and for the year ended 31
December 2020 ('the carve-out periods'), financial information represents the
results and financial position of the Subsea 7 S.A. Group's Renewables business
unit