Agreement provides a contractual framework for earlier and closer engagement throughout the project cycle to unlock more value from complex projects, and work commences immediately with maturation of the subsea scope for the Wisting and Bay Du Nord projects

HOUSTON, May 02, 2024—SLB (NYSE: SLB) has announced the signing of a new long-term strategic collaboration agreement between Equinor ASA and the Subsea Integration Alliance (which comprises OneSubsea™ and Subsea7). The agreement paves the way for exploratory work to begin on two projects: the Wisting field offshore Norway and Bay Du Nord, off Newfoundland and Labrador, Canada.

The agreement, which was signed today in Stavanger, Norway, represents an innovative, integrated way of working. It enables early information sharing, technology innovation and other collaborative benefits critical to unlocking more subsea projects by making them economically viable. Building on their experience as members of the Subsea Integration Alliance, this agreement also further cements OneSubsea and Subsea7’s positions as trusted contractors to Equinor.

“Equinor is working hard to improve and mature the Wisting and Bay du Nord projects. Selecting the supplier at this early stage, is a new way of approaching project development for us, and a vote of confidence to Subsea Integration Alliance. We look forward to develop concepts together, in a process with full visibility on profitability, and joint efforts to make these challenging projects sanctionable,” says Trond Bokn, senior vice president for Project development in Equinor.

“Equinor has long been a crucial customer to our business and to the Alliance. We couldn’t be more proud to be embarking on this collaboration,” said Mads Hjelmeland, CEO of OneSubsea. “Today’s agreement underlines the trusted relationship that we have built over many years and enables us to take our collaboration further by sharing and aligning on goals and values, improving performance and learnings across projects, and unlocking new opportunities to enhance safety, risk management and sustainability results.”

John Evans, CEO of Subsea7 said: “Subsea7 has been collaborating with Equinor for many years to optimize challenging subsea developments ranging from bundle solutions for the Snorre Expansion to the integrated Bacalhau development in Brazil. We look forward to extending and deepening this relationship as we work together to unlock the value in Wisting and Bay du Nord.”

The agreement paves the way for collaboration to begin immediately on early, joint concept studies for two major projects. Under the same agreement, any resulting EPCI execution would be directly awarded to the alliance, if a final investment decision (FID) is made.

Wisting is located in the Barents Sea, offshore Norway. Bay Du Nord is approximately 500 km northeast of St John’s, Newfoundland and Labrador, Canada. Bringing together the expertise, experience and capabilities of Equinor, OneSubsea and Subsea7 has enabled further exploratory work across both projects, with the potential for additional opportunities to be unlocked in the short- to medium-term.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About OneSubsea

OneSubsea is driving the new subsea era that leverages digital and technology innovation to optimize our customers’ oil and gas production, decarbonize subsea operations, and unlock the large potential of subsea solutions to accelerate the energy transition. OneSubsea is a joint venture backed by SLB, Aker Solutions, and Subsea7 headquartered in Oslo and Houston, with 10,000 employees across the world. Find out more at onesubsea.slb.com.

About Subsea Integration Alliance

Subsea Integration Alliance is a strategic global alliance between OneSubsea and Subsea7, bringing together field development planning, project delivery, EPCI contracting models, and total life cycle solutions under the world’s leading subsea technology and services portfolio. Find out more at subseaintegrationalliance.com.

About Equinor

Visit: equinor.com

Media

Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
media@slb.com

Tracey Miller – Group External Communications Manager
Subsea7
Tel: +44 (0) 7786 262585
communications@subsea7.com

Jan Roger Moksnes – Norway Communications Manager
Subsea7
Tel: +47 51 72 56 25
janroger.moksnes@subsea7.com

Investors

James R. McDonald – SVP of Investor Relations and Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
Email: investor-relations@slb.com

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