Subsea 7 S.A. Unveils Performance Shares for 2022 Incentive Plan

Overview of Subsea 7 S.A.'s Performance Share Awards

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has made significant strides towards enhancing its long-term growth and employee engagement through the announcement of new performance share awards under its 2022 Long-Term Incentive Plan. This decision signifies the company’s commitment to aligning the interests of its executives and stakeholders, ensuring that performance remains at the forefront of its operational strategy.

Details of the Performance Share Awards

The total number of performance shares awarded amounts to an impressive 1,500,000, with specific performance conditions dictated by the Plan. This allocation aims to reward executives based on their performance while fostering a sense of ownership and accountability within the leadership team. The awards were officially recognized on a specified date in September.

List of Award Recipients

Several key members of Subsea 7's leadership team received performance shares, acknowledging their invaluable contributions to the organization's success. Here’s a snapshot of the individuals who were recognized:

• John Evans, Chief Executive Officer - awarded 60,000 performance shares, totaling 234,836 shares held.
• Mark Foley, Chief Financial Officer - awarded 45,000 performance shares, with a total of 155,000 shares held.
• Olivier Blaringhem, EVP – Subsea & Conventional - awarded 36,000 performance shares, having a total of 146,822 shares.
• Stuart Fitzgerald, Chief Executive Officer – Seaway 7 - received 36,000 performance shares as well, with a total of 146,822 shares held.
• Nathalie Louys, General Counsel - awarded 32,000 performance shares, totaling 128,258 shares.
• Katherine Lyne, EVP – Human Resources - awarded 30,000 performance shares, holding 122,015 shares.
• Phillip Simons, EVP – Projects & Operations - awarded 36,000 performance shares, with a total of 146,419 shares held.
• Marcelo Lopes Xavier, EVP – Strategy & Sustainability - received 30,000 performance shares, holding a total of 109,451 shares.

Implications for Subsea 7 S.A.

The performance share awards reflect Subsea 7's strategic direction in a competitive industry. These incentives are designed to motivate executives to achieve key business objectives, thus enhancing shareholder value and fostering a culture of excellence. In an environment where offshore energy solutions are increasingly paramount, aligning the executive compensation structure with corporate goals is vital.

Commitment to Sustainable Practices

Subsea 7 is not only focused on its financial metrics but is also committed to sustainability. The company positions itself as a leader in delivering efficient offshore solutions while ensuring that the impact on the environment is minimized. The performance awards are a testament to the organization's belief in sustainable growth.

Conclusion

The announcement of the performance share awards under the 2022 Long-Term Incentive Plan marks an exciting development for Subsea 7 S.A. It serves as a platform to encourage its leadership and retain top-tier talent while driving the company's future success. As a prominent player on the Oslo Børs, Subsea 7 S.A. continues to demonstrate its commitment to operational excellence and strategic growth.

Frequently Asked Questions

What are performance shares?

Performance shares are a type of equity compensation given to executives that vest based on the achievement of certain performance objectives.

How many performance shares is Subsea 7 awarding?

Subsea 7 is awarding a total of 1,500,000 performance shares to key executives under its Long-Term Incentive Plan.

Who are the key executives receiving awards?

Key executives include John Evans, Mark Foley, Olivier Blaringhem, Stuart Fitzgerald, Nathalie Louys, Katherine Lyne, Phillip Simons, and Marcelo Lopes Xavier.

What is the purpose of the Long-Term Incentive Plan?

The Plan aligns executive performance with corporate objectives, promoting accountability and enhancing shareholder value over time.

How does this impact Subsea 7's growth strategy?

These incentive awards are designed to motivate executives to meet key targets, crucial for fostering growth and competitiveness in the offshore sector.

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