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    Seaway 7 signs Letter of Award to commence Early Works on Moray West Inter-Array Cables


    August 8, 2022 - Oslo Bors Newsfeed

     

       Oslo - 08 August 2022 - Seaway 7 ASA is pleased to announce that it has signed a Letter of Award with Moray Offshore Windfarm (West) Limited, to commence early works on the Engineering, Procurement, Installation and Commissioning (EPIC) of inter-array grid cables for the Moray West offshore wind farm. The Moray West offshore wind farm development is located on the East coast of Scotland in the Moray firth, approximately 22.5 km from the Caithness coastline. The development will be comprised of 60 wind turbine generators with an installed capacity of 882MW. Seaway 7's scope is under final negotiation and may include the supply and installation of approximately 125 km of 66 kV subsea power cables and respective cable protection systems. The company will utilise vessels from its state-of-the-art cable lay fleet which will commence work on the project in 2024. Execution of the scope will be led from Seaway 7's Aberdeen office. The Moray West project recently obtained a Contract for Difference (CfD) as part of the UK Government's latest CfD Allocation Round. The project is expected to reach financial close (FC) in the coming months, with first power expected in 2024. Once executed, Moray West will represent a sizeable (1) contract agreement. The contract will not be recognised in Seaway 7's backlog until FC has been reached. (1) "Sizeable" contracts are between $50m and $150m. -Ends- Contact for investment community enquiries: Mark Hodgkinson Email: ir@seaway7.com About Seaway 7 Seaway 7 is a global leader in the delivery of fixed offshore wind projects, committed to contributing to an efficient and sustainable energy supply for the future. Seaway 7 is listed on Oslo's Euronext Growth (SEAW7). Moray West Project ownership The Moray West project is being developed by Ocean Winds. Ocean Winds is the result of a 50-50 joint venture between EDP Renewables (EDPR) and ENGIE for the purpose of offshore wind deployment. Ignitis Group has a minor shareholding in Moray West. In the United-Kingdom Ocean Winds is also the majority shareholder of Moray East, Scotland's largest offshore wind farm. Ocean Winds has recently been awarded exclusive rights by Crown Estate Scotland to develop a bottom-fixed offshore wind project targeting 2 GW, now named Caledonia, adjacent to the existing Moray East and Moray West seabed lease area.

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