Collaboration agreement will accelerate new commercial technologies that address geothermal development challenges

HOUSTON, January 22, 2025 — Global energy technology company SLB (NYSE: SLB) and leading geothermal developer Star Energy Geothermal, a subsidiary of Indonesia’s largest renewable energy company Barito Renewables (IDX: BREN), today announced a collaboration agreement to accelerate advanced technologies for geothermal asset development.

The collaboration will combine Star Energy Geothermal’s extensive knowledge of geothermal development with SLB’s decades of experience developing and industrializing technology solutions for the energy sector. Working closely together, SLB and Star Energy Geothermal aim to deploy technologies that shift the economics of conventional geothermal projects and improve recovery rates of geothermal assets.

"In developing technologies for the geothermal industry, collaborating with customers is critical for focusing on the use cases with the most significant economic impact,” said Irlan Amir, vice president, Renewables and Energy Efficiency, SLB. “In an industry where the risks and levelized cost of energy are perceived to be high, we look forward to working with Star Energy Geothermal to deliver groundbreaking technologies that will lower project risks and improve the overall project economics of this clean, firm and flexible energy source."

SLB has previously worked with Star Energy Geothermal on technology solutions that optimize well placement and employ artificial intelligence (AI) to improve the efficiency and economics of drilling geothermal wells. Under the collaboration agreement, SLB and Star Energy Geothermal will focus on developing and deploying technologies for subsurface characterization, drilling and production of geothermal assets.

"Our vision is to be among the largest and leading geothermal companies in the world,” said Hendra Soetjipto Tan, president director of Barito Renewables and group CEO of Star Energy Geothermal. “Today, we proudly manage 886 MW of installed electricity capacity. Aligned with our strategic expansion to support energy transition, our goal will be enabled by leveraging advanced technologies to enhance the efficiency and economics of our current and future assets. With SLB’s breadth of technologies and our expertise in geothermal resource development and operations, we are confident that together we can solve the technical and economic challenges that are holding back the broader development of geothermal projects across the globe.”

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 Barito Renewables

Barito Renewables (IDX: BREN) is a leading renewable energy company in Indonesia and the renewable energy unit of Barito Pacific Group, committed to providing clean and sustainable energy solutions. With a strong focus on environmental responsibility and community engagement in its operational areas, BREN plays a crucial role in Indonesia's transition to a greener and more sustainable energy landscape. BREN's subsidiary, Star Energy Geothermal, currently operates geothermal power plants with a total capacity of 886 MW. Through Barito Wind, the company also owns the Sidrap wind power plant in South Sulawesi with a capacity of 75 MW. Find out more at baritorenewables.co.id.

Media

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

Merly – Director & Corporate Secretary
Barito Renewables
Email: corpsec@baritorenewables.co.id
           externalcommunications@barito.co.id

Investors

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

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.