Luxembourg – January 19, 2011 – Subsea 7 S.A. (NASDAQ-GS: SUBC; Oslo BÃ¸rs: SUBC) announces the launch of its offshore renewables division, transferring its proven seabed-tosurface expertise, capabilities and strong safety and risk management processes and systems to specifically develop and execute work in this emerging market. Subsea 7 will provide project management, engineering and construction services to support offshore developments in the global renewables industry. The division, based in Aberdeen, Scotland, will be led by Bob Dunsmore, Vice President, Renewables, Subsea 7.
Jean Cahuzac, Chief Executive Officer, Subsea 7 S.A. commented: “We are delighted to officially launch Subsea 7’s Offshore Renewables Division. Our proven seabed-to-surface expertise, capabilities, strong safety and risk management processes and systems are fully transferable to support this emerging market. We look forward to working with the major clients in this sector to deliver the execution of offshore developments in a timely and safe manner.”
This new division of Subsea 7 is also pleased to announce the signing of a Memorandum of Understanding with Scottish and Southern Energy plc (SSE) under which Subsea 7 will form an alliance with SSE, Siemens plc, Siemens Transmission and Distribution Limited, Burntisland Fabrications Ltd and Atkins. The purpose of this alliance will be to work together in a collaborative arrangement in order to secure substantial reduction in the cost of delivered power from offshore wind farms. Subsea 7 will be responsible for marine operations and offshore construction within the alliance.
Bob Dunsmore, Vice President Renewables, Subsea 7 commented: “The signing of this MOU provides a great opportunity for Subsea 7 to work with SSE to look at how we can develop offshore wind projects in the future in the most cost effective and safe manner. To be part of this alliance with SSE, the largest generator of electricity from renewable sources in the UK and Ireland, and the other leading players in the industry is a significant step for Subsea 7. We look forward to this opportunity which is very much aligned to our vision to be a leading strategic partner with our clients.”