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
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.
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The strategic collaboration agreement
enables early information sharing, technology innovation and other
collaborative benefits critical to unlocking more subsea projects
by making them economically viable. (Photo: Business Wire)
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
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.
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Media Moira Duff Director of External Communications, SLB
Tel: +1 (713) 375-3407 Email: media@slb.com
Tracey Miller Group External Communication Manager, Subsea7 Tel:
+44 (0) 7786 262585 Email: communications@subsea7.com
Jan Roger Moksnes Norway Communications Manager, Subsea7 Tel:
+47 51 72 56 25 Email: janroger.moksnes@subsea7.com
Investors James R McDonald SVP of Investor Relations
& Industry Affairs, SLB Joy V. Domingo Director of Investor
Relations, SLB Tel: +1 (713) 375-3535 Email:
investor-relations@slb.com
Schlumberger (NYSE:SLB)
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Schlumberger (NYSE:SLB)
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