Luxembourg - 19 June 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) confirms
today that its offer, dated 15 June 2023, for the entire share capital of DOF
Group ASA (DOFG) expires at the end of today. This follows the rejection of the
offer by the board of DOFG on 16 June 2023.
The board of DOFG concluded that NOK 35 per share is below the equity valuation
expectation of the board and its current shareholders. Subsea7 was guided in its
offer by the pricing of the new share issue through an initial public offering
at NOK 28 per share, as well as the pricing of shares allocated to the DOFG
chairman and directors at NOK 23 per share on the 8 June 2023.
While major shareholders in DOFG we have contacted have expressed support for
the industrial rationale for the combination and the attractiveness of the
Subsea7 equity element of the offer, the board of DOFG has refused to engage
with Subsea7 on this offer.
Subsea7 is not prepared to amend its offer without the board of DOFG expressing
willingness to open a constructive dialogue. Subsea7 reiterates its conviction
in the strategic rationale, industrial logic and the attractiveness of Subsea7
equity as part of the offer, which it believes is in the best interests of both
companies' shareholders.
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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
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