Luxembourg - 25 September 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)
today announced that Subsea Integration Alliance(1) has signed a memorandum of
understanding (MoU) aimed at forming a framework agreement with bp for
integrated subsea developments.

Under  the framework agreement,  Subsea Integration Alliance  would work with bp
from  concept selection, through the full  field life cycle, to deliver enhanced
subsea  project  performance,  based  on  new  ways of working and an innovative
commercial model.

A  new team would be formed to  oversee and manage activity across the programme
with a focus on safety, quality and subsea project performance.

Olivier  Blaringhem, CEO of  Subsea Integration Alliance,  said: "This agreement
will  mark a step change in how  our highly collaborative teams work together to
achieve  shared objectives for  mutual value. Together  with bp, we will deliver
lower-carbon energy to the world through enhanced long-term subsea performance."

Ewan  Drummond,  bp's  SVP  Projects,  said:  "The members of Subsea Integration
Alliance  have  been  a  key  supplier  of  bp for decades, and by combining our
resources  and knowledge, we can bring significant benefits to our customers and
our  stakeholders. Together we can safely deliver projects with improved project
schedules, reducing our total cost of ownership and harnessing synergies through
a collaborative one-team mindset. We look forward to getting to work."

(1)  Subsea Integration Alliance is  a nonincorporated strategic global alliance
between  Subsea7  and  OneSubsea(TM),  the  subsea  technologies,  production, 
and
processing   systems  business  of  SLB,  bringing  together  field  development
planning,  project delivery, and  total life cycle  solutions under an extensive
technology and services portfolio

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Subsea7 is a global leader in the delivery of offshore projects and services for
the  evolving  energy  industry.  We  create  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.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
ir@subsea7.com

Contact for media enquiries:
Tracey Miller
Group External Communications Manager
communications@subsea7.com
www.subsea7.com

Forward-Looking  Statements:  This  announcement  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