Subsea 7 S.a. · OSL:SUBC

Subsea 7 — Investor Day (September 2020)

83 slides from Subsea 7's investor day presentation, Sep 29, 2020

Slide 2: Forward looking statements
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
Slide 3: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 3 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 5: Subsea 7 – our values
Subsea 7 – our values Our Vision Our Values What makes us who we are To lead the way in the delivery of offshore projects and services for the energy industry. Safety Values Our Strategy Integrity In an evolving energy sector, we create sustainable value by being the industry’s partner and employer
Slide 7: Subsea 7 – our business units
Subsea 7 – our business units Group backlog Q2 2020: $7.0bn 7 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 8: Strategic focus areas
Strategic focus areas Subsea Field of the Future: Energy Transition: Systems and Delivery Proactive Participation • Early engagement and partnerships • Oil and gas – lower carbon developments • Systems innovation and enabling Products • Operations – sustainable and efficient • Integrated SPS and SUR
Slide 9: Energy transition: oil and gas – lower carbon developments
Energy transition: oil and gas – lower carbon developments • Leveraging early engagement and engineering capabilities • Digital solutions across the asset lifecycle – efficiency and lower carbon at every stage • Deploying Carbon Estimator across early engagement and tender activities • Subsea techno
Slide 10: Energy transition: operations – sustainable and efficient
Energy transition: operations – sustainable and efficient • Strengthen our focus on clean operations • Improving energy efficiency and carbon footprint of our solutions and delivery • Leveraging digital capabilities towards more efficient vessel activities • Developing our long term strategy towards
Slide 11: Energy transition: emerging energy – new markets and opportunities
Energy transition: emerging energy – new markets and opportunities • Participating in early stage projects through Xodus • Understanding and seizing opportunities in carbon capture and hydrogen • Evaluating emerging markets and partnership opportunities Source: Equinor 11 © Subsea 7 - 2020 Subsea 7
Slide 12: Energy transition: renewables – offshore wind
Energy transition: renewables – offshore wind • Top tier service provider in fixed offshore wind • Top tier service provider in floating offshore wind by 2030 • Supporting the growth of our specialist capabilities in Xodus and 4Subsea • Building our investment in renewables technology 12 © Subsea 7
Slide 13: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 13 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 15: Offshore fixed wind fast growing new energy source
Offshore fixed wind fast growing new energy source All Energy Sources Renewable Sources Offshore Renewables TW TW GW 7 12 200 3% 6 3% 10 5 150 8 41% 96% 56% 4 6 40% 100 1% 3 5% 4% 27% 4 27% 2 22% 3% 50 0% 5% 2 55% Fossil Fuels 40% 1 45% Hydro 26% 99% 0 2020 2030 2020 2030 2020 2030 Wave & Tidal 1% S
Slide 16: Global expansion forecast for offshore wind energy (GW)
Global expansion forecast for offshore wind energy (GW) Annual installation OWFs (Giga Watts) 26 25 America China Asia (excluding China) 18 19 19 CAGR 17 Europe 20% 10 9 9 8 7 4 5 4 4 1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source: BNEF 1H 2020 16 © Subsea 7
Slide 17: Offshore wind – cost is continuing to reduce
Offshore wind – cost is continuing to reduce 300 Subsidised Levelised cost of electricity $/MWh China 250 Taiwan Japan 200 Vietnam U.K. Germany 150 Netherlands France 100 Denmark Belgium Finland 50 Italy Subsidy free U.S. 0 2005 2010 2015 2020 2025 2030 Source: BNEF 1H 2020 for Development LCOEs Com
Slide 18: Investment in offshore wind forecast to increase significantly ($bn)
Investment in offshore wind forecast to increase significantly ($bn) Annual CAPEX for offshore wind farms ($ billion) 59 CAPEX China 56 CAPEX Rest of the world 44 44 44 42 CAPEX/MW CAGR 18% 2015: 3.0m USD/MW 2030: 2.3m USD/MW 25 22 22 21 17 13 13 12 11 3 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 19: Offshore wind – typical timeline for a development
Offshore wind – typical timeline for a development -5 -4 0 1 2 3 4 5 6 7 8 9 10 11+ National Develop Legislation & Site Develop Subsidy Process Years Plan Leasing Process Project Grid Connection & Consent Securing Site Define Application Surveys Supply Chain Engagement Bid for FID Subsidy Process FE
Slide 20: Major components of an offshore fixed windfarm
Major components of an offshore fixed windfarm Wind Turbine Generators Export Cable Substation Topsides Transition Pieces Substation Foundations WTG Foundations Foundation Array Piles Cables 20 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 21: Contractor perspective – turbines, foundations and array cables
Contractor perspective – turbines, foundations and array cables • Wind turbine generators – Standardised products, common designs – Mostly sub contractor to WTG manufacturer Wind – Lower engineering, supply chain and project Turbine Generators management content – Lower project complexity • Foundati
Slide 22: Typical developer contract models
Typical developer contract models Offshore Transmission Foundations Array Cables Wind Turbine Generator Balance of Plant (BOP) (WTG) EPCI Offshore Transmission WTG Foundations Array Cables EPCI EPCI EPCI EPIC Design Design Design WTG Supply Grid Long Haul Key: Fabrication Procure Connection Transpor
Slide 23: Fixed offshore wind farm – typical capex split
Fixed offshore wind farm – typical capex split Design 1%  Cables Supply and Install 11%  Foundation Fabrication, Transport & Install 34%  WTG Supply 45%  Installation of WTG 3%  Substation Fabrication 6%  23 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 24: The largest European based offshore wind developers
The largest European based offshore wind developers Installed and planned capacity (GW) 16.51 10.45 11.11 9.06 8.74 4.05 Fully Commissionned Under Construction 2.19 FID 8.27 Potential Planned Developments GW 0 2 4 6 8 10 12 14 16 18 20 Source: 4COffshore 17th September 20 24 © Subsea 7 - 2020 Subsea
Slide 25: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 25 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 27: Long track record in renewables
Long track record in renewables 2009 First WTG 2016 Award 2019 First 2020 First 2020 Award foundation $1bn+ Beatrice project executed project executed $1bn+ Seagreen installed EPCI project in Taiwan in the US EPCI project 2009 First 2013 First inner 2017 First 2019 First 2020 Award substation array
Slide 28: Global reach for a globalising market
Global reach for a globalising market Offices • Zoetermeer, Netherlands • Paris, France • Aberdeen, Scotland • Leer, Germany • Taipei, Taiwan • Providence, US Fleet • HLV Seaway Strashnov • HLV Seaway Yudin • CLV Seaway Aimery • ISV Seaway Moxie Support Bases • Rotterdam, Netherlands • Eemshaven, Ne
Slide 30: Organisation structure
Organisation structure SURF and Conventional Renewables Life of Field Heavy Lifting Offshore Cables EPCI Integrated Solutions Foundations and Substations Submarine Cable Systems EPCI Projects Integrated Projects An experienced partner for the delivery of fixed and floating offshore wind farm project
Slide 31: Capability aligned with market needs
Capability aligned with market needs Inner WTG WTG Export Offshore Array Foundations Foundations WTG Cables Substation Cables Jackets Monopiles Project Management Seaway 7 Seaway 7 Seaway 7 Seaway 7 & Engineering Procurement Seaway 7 Seaway 7 Seaway 7 Seaway 7 Construction / Seaway 7 Seaway 7 Manufa
Slide 32: Wide breadth of capability and experience
Wide breadth of capability and experience Transportation and Project and Risk Management Full Range of Installation Expertise and Engineering Capabilities Commercial Services Specialist heavy lifting and – Foundation design and fabrication – Studies submarine cable installation – Cable design and su
Slide 33: Competitive environment
Competitive environment • Many active companies Providers of complete • Established players and new entrants balance of plant (BOP) • Companies with different experience scope and backgrounds – Dredging – Marine contracting Foundation services • Companies are offering different (T&I or EPCI) scope s
Slide 34: Well positioned and track record in key markets
Well positioned and track record in key markets Market size US UK Germany Ireland France Taiwan Poland Netherlands Australia > 35 GW South Japan Europe Korea 20-35 GW India Asia Pacific 10 – 20 GW Vietnam Americas 1-2 GW Source : BNEF H2 2020 34 © Subsea 7 - 2020 Market maturity Subsea 7 Renewables
Slide 35: Track record since first offshore wind project executed in 2009
Track record since first offshore wind project executed in 2009 EUROPE • T&I - Foundations: Greater Gabbard, Sheringham Shoal, Riffgat, Gwynt y Mor, Baltic 2, Dudgeon, Triton Knoll • T&I Cables: Baltic 2, Humber Gateway, USA Amrumbank West, Nordsee One, • EPIC - Cables: Veja Mate, Hornsea One Coasta
Slide 36: Projects in execution
Projects in execution EUROPE • T&I - Cables Hornsea Two • Integrated - Foundations & Cables Hollandse Kust Zuid Kaskasi • BOP EPCI Seagreen TAIWAN • Floating Hywind Tampen • T&I - Foundations Formosa 2 • T&I - Cables Changfang Xidao, unnamed project • EPIC - Cables Yunlin 36 © Subsea 7 - 2020 Subsea
Slide 37: Prospect pipeline
Prospect pipeline Europe • RWE Sofia • Iberdrola East Anglia Hub USA • Red Rock Inch Cape • CIP Vineyard • EDPR Moray West • Ørsted US Projects • UK Extension projects • Shell and EDF-RE Atlantic Shores • Shell and EDPR Mayflower • Equinor Empire • High levels of tendering in Taiwan • WPD Guanyin th
Slide 38: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 38 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 39: Lloyd Duthie, Seaway 7 EPCIs – Beatrice
Lloyd Duthie Seaway 7 EPCIs Beatrice 39 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 40: Beatrice Offshore Wind Farm – balance of plant EPCI
Beatrice Offshore Wind Farm – balance of plant EPCI • Project – 588MW development, located 13km off the NE coast of Scotland in 40 to 60 metres of water – FID: May 2016 – Completed: August 2018 • Scope – EPCI for balance of plant – 84 turbines of 7MW each for a total of 588MW • 120,000+ tonnes of st
Slide 41: Beatrice Offshore Wind Farm
Beatrice Offshore Wind Farm • Engineering – Complex geology – Variable water depth – Multiple foundation designs – Integrated inner array cable system – Schedule Marshalling Beatrice foundations 41 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 42: Beatrice Offshore Wind Farm
Beatrice Offshore Wind Farm • Procurement – Complex supply chain – 11 countries – Over 50 suppliers – Focus on quality – Risk management Beatrice supply chain 42 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 43: Beatrice Offshore Wind Farm
Beatrice Offshore Wind Farm • Installation – Safety performance – Reliability – Marine logistics • Over 20 vessels – Integrated schedule for foundations and inner array cables installation • First power generation achieved ahead of schedule Beatrice foundation installation by Seaway Strashnov 43 © S
Slide 44: Beatrice Offshore Wind Farm
Beatrice Offshore Wind Farm $1.3 billion contract value Complex Piling Soils started within 12 Compressed months design schedule Complex Completed supply ahead of Within chain schedule budget Seaway Aimery at the Beatrice Offshore Wind Farm 44 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 45: Lloyd Duthie, Seaway 7 EPCIs – Seagreen Project
Lloyd Duthie Seaway 7 EPCIs Seagreen Project 45 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 46: Seagreen Offshore Wind Farm – balance of plant EPCI
Seagreen Offshore Wind Farm – balance of plant EPCI • Project – 1,075 MW development, located 27km off the east coast of Scotland in 40 to 60m of water – FID: June 2020 – Offshore installation: 2021-22 • Scope – EPCI for balance of plant – ~114 turbines of 10MW each for a total of 1.1GW • 240,000+ t
Slide 47: Seagreen Offshore Wind Farm
Seagreen Offshore Wind Farm • Engineering – Large, complex wind farm – Competitive UK subsidy auction – Suction caisson foundation – Global logistics Seagreen foundations will be transported to the marshalling site 47 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 48: Philippe Gleize, Seaway 7 Integrated Projects
Philippe Gleize Seaway 7 Integrated Projects Hollandse Kust 1 & 2 Hollandse Kust 3 & 4 48 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 49: Hollandse Kust Zuid – innovative integrated solution
Hollandse Kust Zuid – innovative integrated solution • First integrated foundation and cable installation project – Confirming the value and strength of Seaway 7’s offering • Scope – Combined HKZ 1&2 and 3&4 projects, 1,540MW development, 20km off the Dutch coast – The first subsidy free offshore wi
Slide 50: Hollandse Kust Zuid – collaboration leading to success
Hollandse Kust Zuid – collaboration leading to success • Collaboration with Vattenfall led to first integrated foundation and inner array cable contract “Working collaboratively with our • Two years of partnership achieved an optimised partners in the supply chain has enabled execution plan us to ha
Slide 51: Hollandse Kust Zuid – innovative operations reducing cost
Hollandse Kust Zuid – innovative operations reducing cost • Strong focus on technology and innovation – Floating monopiles towed to site – Monopile installation while vessel in dynamic positioning mode Floating monopiles towed to site Innovation 51 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 52: Integrated projects – conclusion
Integrated projects – conclusion • Following on Hollandse Kust Zuid 1-2 and 3-4 projects, Seaway7 secured, on a similar approach, our 3rd integrated project : • Kaskasi for RWE in Germany – Use of industry’s largest vibratory hammer to minimize noise levels during installation of the monopiles – Mon
Slide 53: Lars Muck, Seaway 7 Offshore Cables
Lars Muck Seaway 7 Offshore Cables Hornsea One Hornsea Two 53 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 54: Hornsea Offshore Wind Farm – large, cable lay project
Hornsea Offshore Wind Farm – large, cable lay project • Project – 6GW development in four phases, located off the coast of England in 40 to 60 metres of water • Hornsea One – Seaway 7 awarded half of the cables for the first phase, Hornsea One – Scope 89 inner array grid cables (T&I) • 170km – FID:
Slide 55: Hornsea One
Hornsea One • Seaway 7 scope – Pre-lay inspection surveys – Pre-lay grapnel runs – Messenger wire installation – Cable pull-ins – Post-lay trenching – Boulder relocation and/or clearance – Remedial rock placement • Completed successfully inclusive of additional work programmes Offshore activities on
Slide 56: Hornsea Two
Hornsea Two • Project – Seaway 7 awarded the installation of the entire inner array grid cable system of the second phase – Hornsea Two FID: 2019 – Scheduled: 2021-22 • Scope – 165 inner array grid cables (T&I) • 422 km • Contract value: ~$100 million Seven Falcon (Hornsea Two) and Seaway Moxie (Hor
Slide 57: Coastal Virginia Offshore Wind – US cable lay
Coastal Virginia Offshore Wind – US cable lay • Demonstrator Project – Supply and installation of export and inner array cable for 2x demonstrator wind turbine generators off the coast of Virginia, USA. – First Seaway 7 Renewables project in USA – Scheduled completion: 2020 • Scope – One inner array
Slide 59: Case studies – key takeaways
Case studies – key takeaways • Established in all the current offshore renewables market regions • Early engagement supporting developers to reduce costs and win subsidies • Delivering projects for the major renewables developers and winning repeat business • Differentiating through EPCI and integra
Slide 61: Renewables Investor Event – Short Break
Renewables Investor Event ----SHORT BREAK---- 61 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 63: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 63 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 64: Philippe Gleize, Seaway 7 Floating Wind
Philippe Gleize Seaway 7 Floating Wind 64 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 65: Floating wind
Floating wind • Promising market • Start of commercial phase in 2025-30 • Variety of floating solutions • Full scale tested solutions • Subsidy regimes IDEOL floating wind turbine 65 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 66: Two types of developments: off-grid and on-grid solutions
Two types of developments: “off-grid” and “on-grid” solutions Offshore Offshore Onshore • Off-grid solutions • On-grid solutions – Floating wind turbines to power oil and – Floating wind turbine farms connected to the gas platforms onshore electricity network – Small scale development, limited numbe
Slide 67: Forecast growth in emerging offshore floating wind market
Forecast growth in emerging offshore floating wind market Floating wind cumulative installed capacity (by year of commissioning) "Pilot" scale "Commercial" scale Average project size ~ 70 MW "Pre-commercial" scale Average project size > 500 MW 12 GW Average project size 100-200 MW 4 GW 2020 2021 202
Slide 68: Active participation and growing track record
Active participation and growing track record • Equinor Hywind, Scotland – Demonstrator project completed in 2017 with five floating wind turbines on steel spar structures • Equinor Hywind Tampen, Norway – Ongoing development designed to provide off-grid power to a number of offshore facilities. – 1
Slide 69: Typical scope of work in floating turbine projects
Typical scope of work in floating turbine projects • Design and engineering • Fabrication of floating structure • Procurement of mooring lines and cables • Installation of the turbine on the floating structure • Towing to site • Installation of mooring lines and connection to floating structure • In
Slide 70: Established capabilities to be a key player in an emerging market
Established capabilities to be a key player in an emerging market • Highly transferable expertise in delivering large complex offshore projects involving floating structures, mooring systems and dynamic cables • Combined with existing track record in delivering offshore fixed wind Tow of Aasta Hanst
Slide 71: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 71 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 73: Contracts and accounting treatment
Contracts and accounting treatment • Most contracts are lump sum – Treated as a single performance obligation Timeline for a typical BOP EPCI contract – Revenue recognised over time on a percentage completion (POC) basis – Margin recognition from 5% POC onwards – Constant project margin recognised t
Slide 74: Historical performance of Renewables and Heavy Lifting
Historical performance of Renewables and Heavy Lifting 1200 20% • Performance in recent past was adversely $m 15% impacted by: 1000 13.9% – Significant decline in heavy lifting activity in oil 800 10% 8.9% and gas 600 5% 959 – Limited number of Renewables EPCI projects 663 400 0.5% 0% – Rapid increa
Slide 75: Streamlining Renewables
Streamlining Renewables • Organisational changes: Renewables backlog Q2 2020: $2.2bn – Creation of dedicated EPCI team – New team dedicated to floating wind Others Kaskasi • Targeting specific clients and projects aligned to Hornsea Two our capabilities Changfang & Xidao – Pursuit of differentiated,
Slide 76: Significant investment in renewables since 2017
Significant investment in renewables since 2017 • Since 2017, Subsea 7 has invested ~$0.5bn to 300 $m 275 strengthen presence in renewables, acquiring: 250 – Remaining 50% of Seaway Heavy Lifting 199 – 100% of Seaway Offshore Cables 200 • Current objective is to achieve sustainable 150 SHL SOC retur
Slide 77: Future Capital Expenditures
Future Capital Expenditures • Lower capital intensity anticipated going forward: – High level of investment by traditional shipowners reducing capacity constraints – General acceptance of subcontractor model by developers – Lower differentiation between renewables vessels than those utilised in oil
Slide 78: Seven Phoenix conversion to renewables cable lay
Seven Phoenix conversion to renewables cable lay • Approximately $25 million to convert Seven Phoenix to cable lay: – Hull suited to cable lay – Fitting a new cable lay system – Modernising remaining equipment – Relatively low cost and fast conversion – 15-year design life • Due to join the active f
Slide 79: Financial framework for the near to medium term
Financial framework for the near to medium term ~$1 billion >10% EBITDA 9-14% ROAIC (1) Average revenues per year Long term, Expected return sustainable margin • More frequent EPCI and • Improving EBITDA margins • Capital discipline in reinvesting integrated awards as the market targeting a sustaina
Slide 80: Agenda
Agenda 1. Introduction 2. Offshore wind industry 3. Seaway 7 4. Case studies 5. Q&A 6. Floating wind 7. Financials 8. Closing 9. Q&A 80 © Subsea 7 - 2020 Subsea 7 Renewables
Slide 81: Proactive participation in Energy Transition
Proactive participation in Energy Transition • Delivering successful renewables projects since 2009 • Capturing opportunities in the high growth offshore fixed and floating wind markets • Differentiating through a reliable EPCI offering • Leveraging our global reach and risk management to execute co

Subsea 7 — Investor Day (September 2020) on 6ix

Subsea 7 — Investor Day (September 2020)

Slide 1: Renewables Investor Event

Slide 2: Forward looking statements

Slide 3: Agenda

Slide 4: John Evans, CEO, Subsea 7

Slide 5: Subsea 7 – our values

Slide 6: Subsea 7 – our sustainability focus

Slide 7: Subsea 7 – our business units

Slide 8: Strategic focus areas

Slide 9: Energy transition: oil and gas – lower carbon developments

Slide 10: Energy transition: operations – sustainable and efficient

Slide 11: Energy transition: emerging energy – new markets and opportunities

Slide 12: Energy transition: renewables – offshore wind

Slide 13: Agenda

Slide 14: Steph McNeill, CEO Seaway 7

Slide 15: Offshore fixed wind fast growing new energy source

Slide 16: Global expansion forecast for offshore wind energy (GW)

Slide 17: Offshore wind – cost is continuing to reduce

Slide 18: Investment in offshore wind forecast to increase significantly ($bn)

Slide 19: Offshore wind – typical timeline for a development

Slide 20: Major components of an offshore fixed windfarm

Slide 21: Contractor perspective – turbines, foundations and array cables

Slide 22: Typical developer contract models

Slide 23: Fixed offshore wind farm – typical capex split

Slide 24: The largest European based offshore wind developers

Slide 25: Agenda

Slide 26: Harke Jan Meek, CCO Seaway 7

Slide 27: Long track record in renewables

Slide 28: Global reach for a globalising market

Slide 29: © Subsea 7 - 2020 Subsea 7 Renewables

Slide 30: Organisation structure

Slide 31: Capability aligned with market needs

Slide 32: Wide breadth of capability and experience

Slide 33: Competitive environment

Slide 34: Well positioned and track record in key markets

Slide 35: Track record since first offshore wind project executed in 2009

Slide 36: Projects in execution

Slide 37: Prospect pipeline

Slide 38: Agenda

Slide 39: Lloyd Duthie, Seaway 7 EPCIs – Beatrice

Slide 40: Beatrice Offshore Wind Farm – balance of plant EPCI

Slide 41: Beatrice Offshore Wind Farm

Slide 42: Beatrice Offshore Wind Farm

Slide 43: Beatrice Offshore Wind Farm

Slide 44: Beatrice Offshore Wind Farm

Slide 45: Lloyd Duthie, Seaway 7 EPCIs – Seagreen Project

Slide 46: Seagreen Offshore Wind Farm – balance of plant EPCI

Slide 47: Seagreen Offshore Wind Farm

Slide 48: Philippe Gleize, Seaway 7 Integrated Projects

Slide 49: Hollandse Kust Zuid – innovative integrated solution

Slide 50: Hollandse Kust Zuid – collaboration leading to success

Slide 51: Hollandse Kust Zuid – innovative operations reducing cost

Slide 52: Integrated projects – conclusion

Slide 53: Lars Muck, Seaway 7 Offshore Cables

Slide 54: Hornsea Offshore Wind Farm – large, cable lay project

Slide 55: Hornsea One

Slide 56: Hornsea Two

Slide 57: Coastal Virginia Offshore Wind – US cable lay

Slide 58: Steph McNeill, CEO Seaway 7

Slide 59: Case studies – key takeaways

Slide 60: Q&A

Slide 61: Renewables Investor Event – Short Break

Slide 62: © Subsea 7 - 2020 Subsea 7 Renewables

Slide 63: Agenda

Slide 64: Philippe Gleize, Seaway 7 Floating Wind

Slide 65: Floating wind

Slide 66: Two types of developments: off-grid and on-grid solutions

Slide 67: Forecast growth in emerging offshore floating wind market

Slide 68: Active participation and growing track record

Slide 69: Typical scope of work in floating turbine projects

Slide 70: Established capabilities to be a key player in an emerging market

Slide 71: Agenda

Slide 72: Ricardo Rosa, CFO

Slide 73: Contracts and accounting treatment

Slide 74: Historical performance of Renewables and Heavy Lifting

Slide 75: Streamlining Renewables

Slide 76: Significant investment in renewables since 2017

Slide 77: Future Capital Expenditures

Slide 78: Seven Phoenix conversion to renewables cable lay

Slide 79: Financial framework for the near to medium term