Oslo - 28 July 2022 - Seaway 7 ASA (Euronext Growth: SEAW7) announced today
results for the second quarter and first half of 2022 which ended 30 June 2022.

Second Quarter highlights
o Second quarter 2022 revenue down by 17% year-on-year to $260 million.
o In line with performance challenges on several projects highlighted in the
June 2022 trading update, second quarter negative Adjusted EBITDA of $16 million
equating to a negative margin of 6%.
o Order intake in the second quarter of $49 million resulting in backlog of $0.8
billion at quarter end.
o Signing of preferred contractor positions for two "Very Large" Contracts (Very
Large implies value between $500 million and $750 million) in the UK sector,
namely with Scottish Power Renewables on the East Anglia THREE project and with
SSE Renewables and Total Energies for the Seagreen 1A project.
o Finalisation of long-term charter agreement, with purchase options, for the
new build heavy transportation vessel Seaway Swan (formerly Xin Qun 3) with a
July 2022 handover.

	            
For the period (in $       Second Quarter	      Half Year
millions, except 
Adjusted EBITDA margin  Q2 2022      Q2 2021    1H 2022      1H 2021
and per share data)   Unaudited    Unaudited  Unaudited    Unaudited
---------------------------------------------------------------------           
                                                            
Revenue	                    260	         315	    527	         556
Adjusted EBITDA(a)	    (16)	 (18)	    (1)	         (25)
Adjusted EBITDA margin(a)   (6%)	 (6%)	   (0%)          (4%)
Net operating loss	    (38)	 (32)	   (45)	         (52)
Net loss	            (67)	 (40)	   (68)	         (66)
				
Earnings per share - in $ per share				
Basic		          (0.15)       (0.13)    (0.16)	       (0.21)
Diluted(b)                (0.15)       (0.13)    (0.16)        (0.21)
---------------------------------------------------------------------           
                                                            

                                           30 Jun 2022   31 Mar 2022
At (in $ millions)			     Unaudited     Unaudited
---------------------------------------------------------------------           
                                                            
Backlog(c)			                   803	       1,046
Book-to-bill ratio - year-to-date(c)	           0.3	         0.4
Cash and cash equivalents 			    11	          22
Borrowings			                  (120)	         (99)
Net debt excluding lease liabilities(d)	          (109)	         (77)
Net debt including lease liabilities(d)	          (122)          (96)
---------------------------------------------------------------------           
                                                           
(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. Comparative figure is for the
quarter ended 31 March 2022. 
(d) Net debt is a non-IFRS measure and is defined as cash and cash equivalents
less borrowings. 

Stuart Fitzgerald, Chief Executive Officer, said:
Seaway 7 ASA published a trading update on 13 June 2022 relating to a number of
ongoing projects, including the Hollandse Kust Zuid project.  The financial
impact on this project, which remains in line with the aforementioned trading
update, is the primary contributor to the Q2 2022 negative Adjusted EBITDA of
$16 million. 

Activity levels on the remaining projects in the portfolio were high in the
second quarter with significant progress on projects and offshore operations
ongoing in UK, Europe, and Taiwan. 

In respect of tenders during the quarter, we have been awarded preferred
supplier status for Seagreen 1A Offshore Wind Farm and signed a Letter of
Exclusivity for the East Anglia THREE Offshore Wind Farm.  Both projects will
not be recognised in Seaway 7's backlog until final contractual terms have been
agreed and final investment decision has been secured.

There is no change to the Company guidance given to the market in the 13 June
2022 trading update, confirming revenue for the full year 2022 to be in line
with previous guidance towards $1 billion with an Adjusted EBITDA margin
expected to be approximately 6%.

Second quarter operational review 
The Seagreen project, which is significant to the Group's portfolio, continued
to make good progress.  Of the 114 foundation jackets, 94 foundation jackets
have been delivered in the UK.  At 30 June 2022, there were 20 foundation
jackets outstanding from the yards in China, and within early August 2022 these
jackets are anticipated to be signed off and ready for loadout.  Completion of
fabrication activities on Seagreen is a major milestone for the project.  Heavy
transportation vessels are in transit to pick up these remaining foundation
jackets.  By quarter end, 30 foundation jackets and 21 cables were installed. 
The S7000 returned to the field on the 1 June 2022 and installed a further 9
foundation jackets before she left the field for another commitment, returning
in mid-July to continue to install the remaining Seagreen foundation jackets.
This critical activity on the project is on track for completion during 2022.
 
Seaway Alfa Lift's delivery schedule, and resultant impacts on the execution of
the Doggerbank project, represent a primary ongoing priority for Seaway 7
management.  The repairs of the Liebherr crane A-frame continued and are
expected to be complete late 2022 and the vessel is expected to sail to Europe
at that time.  As per the June 2022 trading update, the mission equipment for
the upending and lowering of monopiles is the critical path to the vessel's
readiness for operations and this scope is significantly delayed compared to the
original planning at project commencement.  Mission equipment readiness is now
expected in the second half of 2023 and to provide a more robust planning basis
we are assuming first use on the Doggerbank project end of Q1 2024.  To improve
confidence in the vessel delivery program going forward, changes have been
implemented within the project organisation and leadership, primarily adding
personnel from Subsea 7, with extensive experience in complex mission equipment
deliveries.

The installation of foundations for the Dogger Bank A&B project has commenced
during July 2022, initially with a third-party vessel.  Due to Seaway Alfa
Lift's delivery delay, Seaway Strashnov will now be deployed on the project for
a full 2023 campaign.  The additional cost of the revised execution planning
resulted in an increase to the onerous fixed-price contract provision of
approximately $35 million, unchanged from what was advised in the June trading
update.  The provision increase is reflected as a prior year revision to the
fair value exercise of measuring and recognising the identifiable assets
acquired and liabilities assumed relating to the business combination to form
Seaway 7 ASA and does not affect the Adjusted EBITDA during the quarter.

As advised in the June 2022 trading update, Seaway Strashnov encountered slower
progress than anticipated on the Hollandse Kust Zuid project relating primarily
to adverse weather conditions and mechanical breakdowns.  The associated cost
increases resulted in an onerous fixed-price contract provision of approximately
$30 million which was recognised in the second quarter of 2022.  As also advised
in the June trading update, Seaway Yudin encountered reduced progress on the
Formosa 2 project in Taiwan, related primarily to lower offshore productivity. 
As part of the combination to form Seaway 7 ASA, the economic interest in this
project is with Subsea 7 S.A. Group.  At the current time, with good generally
progress since the time of the trading update, both Hollandse Kust Zuid and
Formosa 2 are anticipated to complete in accordance with the revised schedules
and forecasts.

During the quarter, Seaway Aimery and Seaway Moxie continued cable installation
and test & termination works on the Hollandse Kust Zuid project, Netherlands. 
Seaway Phoenix started working on the Seagreen project, UK.  Maersk Connector
started her operational activities for our cable lay portfolio in Taiwan.

The heavy transportation vessels maintained their high levels of utilisation,
despite two planned dry dockings for Seaway Falcon and Seaway Hawk, and we saw
another improvement in the time charter equivalent day rates in the second
quarter.  In addition, Seaway 7 entered into a 5-year bareboat charter agreement
with purchase options for a new heavy transportation vessel in Q2 2022.  The
vessel was re-named 'Seaway Swan' and was delivered to Seaway 7 in good order in
Busan, South Korea, on the 8 July.  This charter of a state of the art new build
vessel re-enforces Seaway 7 strategic positioning, both towards standalone
transportation activities where we see market conditions steadily improving, as
well as towards broader integrated renewables projects, where heavy
transportation increasingly represents a critical and undersupplied element of
the value chain.

During Q2 2022, the utilisation of the active fleet was 77%, compared to 65% in
the first quarter 2022.

Seaway Ventus has moved into the next phase of construction with keel laying in
early June 2022, which is in accordance with the planned construction schedule. 
The vessel remains on course for delivery in mid-2023.


Second quarter financial review
Second quarter revenue of $260 million decreased by 17% year-on-year and was
mainly driven by slower progress than anticipated for the Hollandse Kust Zuid
project and less activity on the Seagreen project compared to the prior year
period.  The negative Adjusted EBITDA margin of 6% remained the same.  After
depreciation and amortisation of $22 million, the Group recorded a net operating
loss of $38 million.  Net loss for the quarter was $67 million, after a tax
charge of $21 million and finance and other gains and losses of $8 million.  The
elevated tax charge for the second quarter arises as a result of revised
forecasts that indicate a higher negative effective tax rate for the full year. 
Based on forecast improvement in the second half profitability, it is
anticipated that there will be an offsetting tax credit in the remainder of the
year.

As communicated in the June trading update, progress on the Seaway Alfa Lift
build has encountered delays. The root cause of the delays in the delivery of
the vessel is due to the status of the mission equipment, engineering and
procurement. These conditions, attributable to OHT ASA, were present on 1
October 2021, the date of the business combination, as a result, the adverse
financial impact has been accounted for as an adjustment to the transaction's
purchase price allocation.

During the quarter, net cash used in operating activities was $11 million which
was impacted by slower than anticipated progress on projects and delayed client
payments linked to commercial discussions concerning Covid-19 impacts and
consequential delays in Taiwan.  Capital expenditure was $16 million and mainly
related to Seaway Alfa Lift, Seaway Ventus and planned dry dockings of the heavy
transportation vessels.  Net cash generated from financing activities of $16
million included receipt of a $21 million short-term loan from the Group's
ultimate parent undertaking, Subsea 7 S.A. Group, offset by $5 million payment
of lease liabilities.  Cash and cash equivalents was $11 million as at Q2 2022.

In the second quarter, the Group recognised new awards of $34 million and
escalations of $15 million, resulting in a year-to-date book-to-bill ratio of
0.3.  The backlog at the end of June 2022 was $0.8 billion, of which $465
million is expected to be executed during the remainder of 2022.  Not included
in the aforementioned backlog is Seaway 7 preferred Contractor positions, which
have been formally announced to the market but remain subject to Contract
finalisation and/or Client Final Investment Decision.  

Outlook 
Forecasts for Offshore Wind activity in the second half of the decade continue
to strengthen, driven by ever more pressing climate imperatives, and in recent
months increasingly by energy security considerations.  However, in recent years
a significant number of major players in the renewables sector have seen
deterioration and unsustainable financial performance.  Supported by favourable
market conditions, the industry is now starting to go through a process of
revaluating and reallocation of risk and improved pricing, and Seaway 7 is
focused on and starting to see this improvement in our future prospects.

For the remainder of 2022, Seaway 7 benefits from a high level of visible
activity afforded by its backlog.  Further, Seaway 7 pre-backlog positioning,
and high levels of ongoing tendering and client engagement give confidence on
activity levels and demand for Seaway 7 services going forward.
   
To support this outlook, we expect to present the financing plan during Q3 2022.

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