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    OHT   NO0010893803

SEAWAY 7 ASA

(OHT)
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Seaway 7 Confirms Zhong Neng Cable Installation Contract

12/08/2021 | 10:41am EST
Oslo - 08 December 2021 - Seaway 7 ASA has today confirmed the award of a
sizeable(1) contract by China Steel Power Corporation Ltd for the transport and
installation of the submarine cable system of the Zhong Neng Offshore Wind Farm
in Taiwan. The award, first announced on 16th July 2020, is now confirmed with
the project developers reaching final investment decision today and will now be
included in the Seaway 7 backlog. China Steel Power Corporation Ltd is a joint
venture company between China Steel Corporation and Copenhagen Infrastructure
Partners. 

The Seaway 7 project scope includes 29 inner array grid cables and 4 landfall
export cables of 66kV, totalling around 196km in length. In addition to the
submarine cable installation works, Seaway 7 will also undertake submarine cable
route surveys, perform horizontal directional drilling activities, and execute
post-lay trenching, termination, jointing and testing services. Offshore
installation activities are expected to commence in 2023.
 
Stuart Fitzgerald CEO for Seaway 7 said 'This is the 6th offshore wind project
for Seaway 7 in Taiwan and we are proud to be contributing to the growing
Taiwanese offshore wind market. Seaway 7 is bringing experience from over a
decade of work in European offshore wind projects and is developing a local
skilled workforce to deliver these milestone projects'.
 
The Zhong Neng offshore wind farm is located approximately 13 km off Changhua
County on the west coast of Taiwan. The wind farm will have a capacity of
approx. 300 MW, consisting of 31 Vestas 9.6MW wind turbine generators. 

(1) "Sizeable" contracts are between $50m and $150m.

-Ends-


Contact for investment community enquiries:

Stuart Fitzgerald
Tel +47 911 89 669
Stuart.Fitzgerald@seaway7.com

Mark Hodgkinson
Tel +44 7788 316 501
Mark.Hodgkinson@seaway7.com

About Seaway 7Seaway 7 is a global leader in the delivery of bottom-fixed offshore wind farm
solutions, committed to contributing to an efficient and sustainable energy
supply for the future.  

Seaway 7 is listed on Oslo's Euronext Growth (SEAW7).

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
CHINA STEEL CORPORATION -0.88% 33.85 End-of-day quote.-4.24%
SEAWAY 7 ASA 0.67% 15.1 Real-time Quote.-7.81%
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Financials (USD)
Sales 2021 305 M - -
Net income 2021 0,41 M - -
Net Debt 2021 101 M - -
P/E ratio 2021 246x
Yield 2021 -
Capitalization 741 M 743 M -
EV / Sales 2021 2,76x
EV / Sales 2022 0,85x
Nbr of Employees 32
Free-Float -
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