Subsea7 Breaches Luxembourg Transparency Law Thresholds

Subsea7 S.A. breached Luxembourg's Transparency Law thresholds, notified by Barclays Capital Securities Limited. The company disclosed the breach, which includes 5.19% of total voting rights, on its website in compliance with disclosure requirements.

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Nitish Verma
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Subsea7 Breaches Luxembourg Transparency Law Thresholds

Subsea7 Breaches Luxembourg Transparency Law Thresholds

Subsea7 S.A., a global leader in offshore energy projects and services, announced on May 10, 2024, that it had breached thresholds set by Luxembourg's Transparency Law. The breach was notified to Subsea7 by Barclays Capital Securities Limited, a wholly-owned subsidiary of Barclays Plc.

Why this matters: This development has significant implications for the offshore energy industry, as Subsea7's compliance with transparency regulations is crucial for maintaining investor confidence and market integrity. Furthermore, this breach may lead to increased scrutiny of other companies operating in the industry, potentially driving changes indisclosure practices and regulatory oversight.

According to the notification, as of May 6, 2024, the total number of voting rights attached to Subsea7 shares was 15,294,833. An additional 17,172 voting rights were attached to financial instruments with similar economic effect, known as the right to recall. Furthermore, 490,483 voting rights were attached to financial instruments with similar economic effect in the form ofswaps.

When combined, these positions equate to 5.19% of the total voting rights of Subsea7 S.A. The company, listed on the Oslo Børs under the ticker SUBC, has an ISIN of LU0075646355 and LEI of 222100AIF0CBCY80AH62.

Luxembourg's Transparency Law, enacted on January 11, 2008, requires issuers of securities to disclose certain information to the public. Subsea7 has made the notifications received from Barclays available on its website, www.subsea7.com, in compliance with these disclosure requirements.

This information is also subject to the disclosure requirements outlined in Section 5-12 of the Norwegian Securities Trading Act. For further inquiries from the investment community, Subsea7 has directed individuals to contact Katherine Tonks, Investor Relations Director, at +44 20 8210 5568 or ir@subsea7.com.

The breach of Luxembourg's Transparency Law thresholds by Subsea7 S.A. serves as a significant development for the company and its investors. As a key player in the offshore energy industry, Subsea7's adherence to transparency regulations and timely disclosure of pertinent information remains crucial for maintaining market integrity and investor confidence.