Business Wire

TX-SLB

Share
SLB OneSubsea and Subsea7 Awarded Integrated Contract for OKEA’s North Sea Bestla Project

Regulatory News:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240507027968/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

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.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

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

About Business Wire

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com
DK

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

SiPearl: Final closing of €130m Series A with Cathay Venture (Taiwan), EIC Fund and France 20308.7.2025 17:25:00 CEST | Press release

Tape-out of Rhea1, the most complex processor ever designed in Europe which will equip JUPITER, the 1st European exascale supercomputer Largest Series A in the European fabless semiconductor industry including €32m in new funding to close Series A and prepare the launch of Series B Strengthening ties with Taiwan’s semiconductor ecosystem to complement Europe’s sovereignty in supercomputing and AI SiPearl, the company building European high-performance energy-efficient processors for supercomputing and AI has achieved the definitive closing of its €130m Series A with a third tranche of €32m. Seed funded by the European Union, SiPearl was launched in January 2020 under the auspices of the European Processor Initiative consortium which aims to foster the return of high-performance energy-efficient processor technologies in Europe. Since then, the company has fulfilled its mission by building a world-class processor team of 200 employees in France, Spain, and Italy, set up its own sovereig

LambdaTest Unveils Smart Branching and Baseline Management to Modernize Visual Testing Workflows8.7.2025 17:00:00 CEST | Press release

SmartUI now aligns visual testing with real-world development practices, eliminating baseline confusion and making visual QA effortless across teams LambdaTest, a GenAI-powered quality engineering platform, has announced the release of SmartUI’sSmart Branching and Baseline Management, a major leap forward in visual testing. This update eliminates long-standing bottlenecks caused by outdated baseline strategies and introduces an intelligent, streamlined way for development teams to manage visual testing across complex Git workflows. Modern development teams utilise feature branches, release versions, and hotfix workflows; however, most visual testing tools still rely on comparisons against the main branch, resulting in irrelevant failures and time-consuming approvals. LambdaTest’s SmartUI changes that with features purpose-built for today’s branching strategies. Smart Branch Comparison ensures visual tests are run against the correct baseline, comparing within the same feature branch in

Connectivity as Versatile as the Aircraft, Starlink High-Speed Internet Now Available for Cessna Caravan8.7.2025 16:00:00 CEST | Press release

Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced an additional high-speed internet connectivity solution for the Cessna Citation Caravan following the Federal Aviation Administration’s (FAA) issuance of AeroMech’s Supplemental Type Certificate (STC) for Starlink high-speed internet connectivity. AeroMech’s STC utilizes Starlink’s constellation of Low Earth Orbit (LEO) satellites to provide more reliable connectivity over land, water and remote areas, where traditional in-flight Wi-Fi may not have service. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708514119/en/ Textron Aviation announced an additional high-speed internet connectivity solution for the Cessna Citation Caravan following the Federal Aviation Administration’s (FAA) issuance of AeroMech’s Supplemental Type Certificate (STC) for Starlink high-speed internet connectivity. (Photo: Textron Aviation) “The Cessna Caravan is so versatile,

Rigaku Announces STAvesta, a Thermal Analyzer Tailor-made for Next-generation Material Development8.7.2025 16:00:00 CEST | Press release

Supports a wide range of users from novices to experts, serving a wide variety of needs Rigaku Corporation, a Group company of Rigaku Holdings Corporation (headquarters: Akishima, Tokyo; CEO: Jun Kawakami; hereinafter “Rigaku”) has launched worldwide sales of STAvesta, a thermal analyzer that simultaneously measures a sample’s weight and change in calorific value during heating. STAvesta responds to needs in a wide array of fields where thermal analysis is required. It is expected to find use in a wide variety of material-analysis applications for the development of advanced features and complex materials. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708207135/en/ STAvesta FlatBlank, a Revolutionary Auto-adjustment Feature, Dramatically Reduces Workload In conventional thermal analysis, baseline adjustment must be performed by hand before measurement can begin. This process can be time-consuming and frustrating, particu

Institutional Real Estate, Inc. Appoints Doris Holinaty as Managing Director – Global Markets8.7.2025 16:00:00 CEST | Press release

Institutional Real Estate, Inc. (“IREI”), the 38-year-old independent publisher of news and analysis for the institutional real estate investment community, today announced the appointment of Doris Holinaty as Managing Director – Global Markets. In this pivotal new role, Holinaty will be responsible for expanding IREI’s global footprint across its existing platforms and will spearhead business development for The Property Chronicle and The Green Chronicle, following IREI’s recent acquisition of Lyndon Publishing. Holinaty brings more than two decades of experience in selling and servicing publication and event sponsorships, including branding and strategic marketing for both print and digital communications media. “We are thrilled to welcome Doris to the IREI team. Her business values, experience and dynamic energy perfectly align with our values and our strategic vision to expand client servicing efforts in global markets,” said Tom Parker, Executive Vice President and Publisher of IR

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye