Oslo - 2 March 2023 - Seaway 7 ASA (the Group or Seaway7) (Euronext Growth: 
SEAW7) announces today results for the fourth quarter and full year which ended
31 December 2022. Unless otherwise stated the comparative period is the full
year which ended 31 December 2021.  

Full year highlights
o Revenues of $1,119 million.
o Adjusted EBITDA of $40 million equating to a margin of 4%  
o Completion of HKZ foundations, Formosa 2 pin piles and Hornsea 2 cables scopes
o Fabrication, long-haul transportation and majority of jacket installation
scope complete on Seagreen 
o Backlog of $844 million with the addition of two inner array cable projects
and escalations on existing contracts. Fourth quarter 2022 new order intake was
$441 million.
o $650 million of committed support arranged in the fourth quarter including a
$200 million fully underwritten rights issue.
o Continuing progress on the two newbuild vessels Seaway Alfa Lift and Seaway
Ventus.

Subsequent events
o Seaway7 and Saipem signed a commercial collaboration agreement for joint
tendering and execution of target projects within fixed offshore wind.
o The Group signed a large contract for the installation of inner array grid and
export cables on the Hai Long Offshore Wind project in Taiwan with operations
commencing in 2023.

For the period (in $             Fourth Quarter	          Full Year
millions, except 
Adjusted EBITDA margin       Q4 2022      Q4 2021       2022      2021
and per share data)        Unaudited    Unaudited    Audited   Audited          
                      
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Revenue	                         218	      326      1,119     1,260
Adjusted EBITDA(a)	          21	       30	  40	    24
Adjusted EBITDA margin(a)	 10%	       9%	  4%        2%
Net operating (loss)/income	  (2)	        8        (50)      (39)
Net loss         	          (5)	        7        (81)      (63)
		
Earnings per share - in $ per share - restated (b) 
Basic	                       (0.01)	     0.01      (0.14)    (0.16)
Diluted(b)	               (0.01)	     0.01      (0.14)    (0.16)
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	                            	                2022       2021
At (in $ millions)                                    31 Dec     31 Dec
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Backlog(a)                                               844      1,238
Book-to-bill ratio - year-to-date(a)			 0.6	    0.3
Cash and cash equivalents 	                           9	     22
Borrowings			                         (38)	   (101) 
Net debt excluding lease liabilities(a)			 (29)       (79)
Net debt including lease liabilities(a)			(130)	   (106)
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(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA
margin, Backlog, Book-to-bill ratio and Net cash/(debt) refer to the
'Alternative Performance Measures' section of the Condensed Consolidated
Financial Statements. 
(b) The weighted average number of shares utilised in the earnings per share
calculation has been restated for each period presented following the rights
issue undertaken by the Group. For further information and for the explanation
and a reconciliation of diluted earnings per share refer to Note 7 'Earnings per
share' to the Condensed Consolidated Financial Statements.

Stuart Fitzgerald, Chief Executive Officer, said:
During 2022, Seaway7 delivered a high volume of offshore work.  As a result of
the efforts and dedication of our colleagues, Seaway7's work across eight
operational projects has directly realised around 2.9 GW of additional renewable
energy, capable of powering more than 3 million homes.  In total, the Group
delivered the installation of 189 cables, 130 monopiles foundations, 107 jacket
foundations, 128 pin pile foundations, 61 EPC fabrication of foundations and
performed 25 heavy transportation voyages.  The installation of more than 100
monopiles in dynamic positioning mode using the Seaway Strashnov, strengthens
the Group's track record in fixed offshore wind projects and our position as one
of the market leaders.

Seaway7 generated Adjusted EBITDA of $40 million for the full year 2022,
equating to a margin of approximately 4%.  Margins showed gradual improvement
year-on-year but remained well below expectations due to challenges on certain
projects in the North Sea and Taiwan.  

In recent years the offshore fixed wind contracting industry has seen a rapid
evolution in project and equipment sizes, expansion into new geographies, and
generally onerous contracting and commercial terms. The result has been, that
despite many examples of strong delivery across individual projects, the overall
financial performance of Seaway7 and a number of its peer companies has shown
inadequate returns on the capital being deployed. 

Seaway7 did not perform as expected during 2022. The problems encountered
originated from the combination with OHT ASA linked primarily from issues with
the construction of Seaway Alfa Lift. Specifically, the design and fabrication
of the mission equipment led to an overrun on the vessel construction schedule
and budget with a knock-on impact on Dogger Bank A&B, for which a provision was
taken in 2022. This development contributed, among other factors, to the Group
being unable to realise its initial objective to increase the free float of
Seaway7, and necessitated recapitalising Seaway7 through a combination of debt
and equity rights issue

Despite this, and supported by a favourable long term market outlook and the
learnings of recent executed projects, the service industry is now pushing
towards a more sustainable risk-reward balance and we have been driving this
process through our bidding over the last 12 months.  

At the end of the fourth quarter of 2022, the Group recognized sizeable
contracts in its backlog relating to the He Dreiht project and the transport and
installation of inner array cables on an offshore wind farm project in the US. 
In addition, Seaway7 added several HTV voyages and project escalations.  At 31
December 2022, backlog was $844 million with a net order intake during the year
of $723 million, equivalent to a book-to-bill ratio of 0.6x.  This excludes the
pre-backlog positions for Seagreen 1A and East Anglia THREE, which remain
subject to the clients' Final Investment Decision.

During 2022, Seaway7 announced a $650 million committed financing package to
fund the business through to the delivery of the two new build vessels. The
Capex funding included committed loan facilities of $450 million and a fully
underwritten $200 million rights issue which was completed in November 2022.  

Fourth quarter operational review 
The Seagreen project in the UK continued to progress well.  Of the 114
foundation jackets, all have been fabricated and delivered to the UK.  The final
foundation jacket was delivered on the 18th of December 2022, completing the
long-haul transportation scope of the project which involved 23 safely performed
heavy transportation voyages over a two-year time span. By 31 December 2022, a
total of 93 foundation jackets had been installed and the associated inner array
cable installation had completed more than 50% of the scope.  

In the fourth quarter, Seaway Strashnov installed 6 foundations for the Dogger
Bank A&B project in the UK bringing the total foundations installed on the
project to 17 as at the end of 2022.  This was before Seaway Strashnov departed
for a planned winter break and maintenance stop which will continue through
first quarter 2023. Due to Seaway Alfa Lift's delivery delay, Seaway Strashnov,
in combination with a third-party vessel designed to install transition pieces,
will be deployed on the project for the full 2023 campaign.

Seaway Aimery and Seaway Moxie continued working on the Hollandse Kust Zuid
project inner array cables installation in the fourth quarter.  By the end of
the fourth quarter, Seaway7 installed all 140 cables and continued with test &
termination works.  Seaway Phoenix continued working on the Seagreen project in
the UK.  The Group signed a lease commitment to extend the charter of the Maersk
Connector cable lay vessel, to work in Taiwan on Seaway7's cable lay project
portfolio over the next three years.

The heavy transportation fleet has continued to operate in the spot market. The
Group has seen a consistently high number of requests for transportation
projects, with approximately 900 received during 2022 which underpins the high
vessel utilisation rate in the fleet. The fleet has delivered improved returns
and maintained high utilisation throughout the year 2022.

During the fourth quarter 2022, the utilisation of the active fleet was 72%,
compared to 90% in the third quarter 2022. This reflects lower utilisation on
heavy lift vessels during winter months offset to some degree by high
utilisation of the heavy transportation and cable lay fleet.

For the newbuild foundation installation vessel, Seaway Alfa Lift, the
structural welding repair of the Liebherr crane A-frame was completed late 2022.
Commissioning of the crane is ongoing and the vessel is anticipated to leave the
yard before mid-year 2023. The mission equipment for the upending and lowering
of monopiles is still the critical path to the vessel's readiness for monopile
operations, and main elements of this equipment commenced transport from China
at the end of 2022.  The mission equipment will be completed and commissioned in
Europe under a revised execution plan activated during Q3 2022 aimed at
improving the robustness of the overall schedule and cost of the build project.

Seaway Ventus was launched on 9 January 2023 and vessel outfitting continues.
The last leg sections are under construction of which 7 out of 12 have been
installed onboard. The Gusto crane reached construction completion and the
slewing platform and A-frame have been installed onboard. The crane boom
installation is ongoing with completion scheduled for March 2023 and first two
engines were started, and commission and testing are ramping up. The vessel is
on course for delivery during Q3 2023 from the yard in China with current first
committed project being end of the first quarter 2024.

Fourth quarter financial review
Fourth quarter revenue of $218 million compared to revenue of $326 million in
the prior year period.  The Adjusted EBITDA margin of 10% improved by 1%
compared to the fourth quarter of 2021.  After depreciation and amortisation of
$22 million, the Group recorded a net operating loss of $2 million.  Net loss
for the quarter was $5 million after other gains and losses of $11 million
negative and a tax benefit of $8 million.

During the quarter, net cash used in operating activities was $16 million,
mainly driven by unfavourable movements in working capital of $21 million. 
Capital expenditure was $11 million and mainly related to Seaway Alfa Lift and
dry docks.  Net cash generated from financing activities of $28 million included
receipt of $199 million by the fully underwritten rights issue in November 2022,
$7 million payment of interest and $7 million payment of lease liabilities. 
Cash and cash equivalents were $9 million as at Q4 2022.

In the fourth quarter, the Group recognised new awards of $202 million and
escalations of $239 million, resulting in a year-to-date book-to-bill ratio of
0.6x.  Backlog at 31 December 2022 was $0.8 billion, of which $367 million of
the backlog is expected to be executed in 2023 and $477 million in 2024 and
thereafter.  Not included in the aforementioned backlog is preferred contractor
positions and contract awards, which have been formally announced to the market,
but remain subject to Client Final Investment Decision.

Outlook 
We continue to see strong bidding activity and our clients are already seeking
to secure capacity for 2026 and beyond.  Against this demand backdrop, we see
tight supply across all our activities.

To complement our strategic positioning, we have entered a commercial agreement
with Saipem building on the strong collaboration and delivery seen on the
Seagreen project for SSE and its Joint Venture partners.  The agreement is for
joint tendering and execution of certain target projects within fixed offshore
wind and will leverage both Groups' capabilities in project management and
engineering, jacket fabrication, as well as key enabling assets.  The
collaboration is expected to focus on larger integrated or EPCI projects, where
these combined capabilities and assets will enable improved project economics,
more robust delivery, and reduced overall risk.  As projects become larger and
more complex, water depth and foundation sizes increase, and supply chains
become increasing global, the collaboration will offer a unique value offering
for certain project profiles and client buying strategies. 

With tender levels remaining high, our confidence in the demand for Seaway7
services going forward is strong.  Looking forward to 2023 Seaway7 anticipates
reduced revenues compared to 2022, but with a higher absolute and percentage
Adjusted EBITDA margin.  Capex in 2023 is anticipated to be $470 million driven
primarily by the Seaway Alfa Lift and Seaway Ventus newbuilds with the expected
Seaway Alfa Lift payments at year-end 2022 now moved for payment to 2023. 
 
Beyond 2023 Seaway7 expects material growth in Adjusted EBITDA delivery from the
business, driven by additional fleet capacity with both the Seaway Alfa Lift and
Seaway Ventus operational, as well as work secured under favourable market
conditions, with improved and appropriate risk-reward profiles. Achieving
acceptable risk-reward profiles in new work being added to the Seaway7 backlog
has been the primary focus of our tendering efforts through 2022. 

We anticipate that the existing and future Seaway7 asset base, enabled by one of
the industry's leading project management capabilities and track records, will
be well positioned to deliver significant earnings growth in the medium and
longer term.

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