HOUSTON--(Business Wire / Korea Newswire)--Regulatory News:

SLB OneSubsea and Subsea7 are providing North Sea compliant equipment for the sustainable field development of OKEA’s Bestla Project (Photo: Business Wire) SLB (NYSE: SLB) has announced the award of a sizeable integrated engineering, procurement, construction, and installation (EPCI) contract by OKEA to its OneSubsea™ joint venture and Subsea7. The contract will see the partnership develop the Bestla (formerly known as Brasse) Project in the North Sea, offshore Norway, specifically to accelerate the subsea tieback delivery to aging platforms for profitable and sustainable marginal field development.

The two-well project, with a 13-km tieback to the Brage Platform, is the latest to be signed under the frame agreement signed with OKEA in 2017 and furthers SLB OneSubsea and Subsea7’s partnership under its Subsea Integration Alliance.

Early engagement and collaborative field development planning combined with North Sea compliant configurable equipment will be critical for enabling profitable and sustainable marginal field development. SLB OneSubsea will deliver the subsea production system which will include two subsea trees, a two-slot template, an umbilical, and a control system. Subsea7 will install the subsea production system and design and install the flowline systems, spools, and protection measures, including rock installation.

“We enjoy a long, productive relationship with OKEA, building upon the successful execution of the Hasselmus development, the first project under our Alliance frame agreement, which was delivered on time and on budget in October 2023,” said Mads Hjelmeland, CEO of SLB OneSubsea. “Reaching this point has been driven by outstanding collaboration across all partners. Our ongoing partnership has enabled us to work together to simplify the field layout and secure long lead items and vessel capacity, which will bring the new wells online quickly and efficiently.”

Bestla was discovered in 2016 but today’s solution proposed by Subsea Integration Alliance represents the first commercially viable field development plan submitted for the Brasse development. The solution is compliant with NCS2017+ for standardized subsea production systems tailored for application in the Norwegian Continental Shelf, and the Alliance will support the local economy by commissioning fabrication and manufacturing from partners in Norway.

The field is estimated to contain 24 million barrels of oil equivalent, of which two-thirds is oil and the remaining one-third is gas and natural gas liquids. First oil is targeted for Q4 2026.

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 SLB OneSubsea

SLB 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.com.

About Subsea Integration Alliance

Subsea Integration Alliance is a strategic global alliance between SLB 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507027968/en/

Website: https://www.slb.com/ View Korean version of this release Contact SLB
Media
Moira Duff
Director of External Communications, SLB
+1 (713) 375-3407
[email protected]

Investors
James R McDonald
SVP of Investor Relations & Industry Affairs
Joy V. Domingo
Director of Investor Relations
+1 (713) 375-3535
[email protected]
This news is a press release provided by SLB. Korea Newswire follows these editorial guidelines. SLB News ReleasesSubscribeRSS SLB 원서브시와 서브시7, OKEA의 북해 베스틀라 프로젝트를 위한 통합 계약 체결 공시: SLB(뉴욕증권거래소: SLB)는 OKEA가 대규모의 통합 엔지니어링, 조달, 건설 및 설치(engineering, procurement, construction, and installation, EPCI) 계약을 자사의 OneSubsea™ 조인트벤처 및 서브시7(Subsea7)과 체결했다고 발표했다. 이 계약을 통한 파트너십으로 노르웨이 연안 북해의 베스틀라(B... 5월 8일 15:40 SLB OneSubsea and Subsea7 Sign Long-Term Strategic Collaboration Agreement with Equinor; Commence Work on 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 o... 5월 3일 11:55 ... More  More News Heavy Industries Oil & Gas Contract Overseas SLB All News Releases 