Schlumberger and Subsea 7 Renew Global Subsea Integration Alliance

Schlumberger and Subsea 7 Renew Global Subsea Integration Alliance

10 Jun 2022 14:00 CEST

Luxembourg - 10 June 2022 - Schlumberger and Subsea 7 (Oslo Børs: SUBC, ADR:
SUBCY) announced today that they have signed an agreement to renew Subsea
Integration Alliance for a further seven years.

Subsea Integration Alliance is a worldwide non-incorporated alliance between
Subsea 7 and Schlumberger's OneSubsea(®) subsea technologies, production and
processing systems business, to jointly design, develop and deliver integrated
subsea development solutions through the combination of subsurface expertise,
subsea production systems (SPS), subsea processing systems, subsea umbilicals
risers and flowlines systems (SURF), and life-of-field services.

"The success of Subsea Integration Alliance is a result of the drive and
commitment of both Subsea 7 and OneSubsea to deliver an enhanced experience and
outcome for our clients," said John Evans, Subsea 7 Chief Executive Officer.
"Driven by the demonstrable benefits to clients of this mode of collaborating,
integrated projects are expected to remain a significant component of the subsea
market. We look forward to extending our relationship with OneSubsea as we
address the opportunities of the offshore energy market."

Over the past seven years, the alliance has successfully combined the
complementary capabilities and market-leading technologies of OneSubsea and
Subsea 7, and worked collaboratively with clients to design, develop and deliver
integrated SPS and SURF solutions proven to optimize the cost and efficiency of
deepwater developments.

The alliance continues to build momentum and, in recent years, has been awarded
major greenfield projects in Australia, Brazil, Africa and Turkey, as well as
significant tie-back work in the Gulf of Mexico and Norway. Since January 2020,
Subsea Integration Alliance has won the majority(1) of integrated SPS and SURF
projects worldwide.

"Subsea Integration Alliance has proven to be a tremendous success," said
Abdellah Merad, EVP, Core Services and Equipment, Schlumberger. "Having been
awarded 12 integrated projects and more than 130 early engineering studies
around the world, it has helped-and will continue to help-customers achieve
maximum value from their subsea developments through industry-leading innovation
and expertise."

1 by value

About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to
access energy. Our people, representing over 160 nationalities, are providing
leading digital solutions and deploying innovative technologies to enable
performance and sustainability for the global energy industry. With expertise in
more than 120 countries, we collaborate to create technology that unlocks access
to energy for the benefit of all.
Find out more at www.slb.com.

About Subsea 7
Subsea 7 is a global leader in the delivery of offshore projects and services
for the evolving energy industry, creating sustainable value by being the
industry's partner and employer of choice in delivering the efficient offshore
solutions the world needs.
Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.
Find out more at www.subsea7.com

Cautionary Statement Regarding Forward-Looking Statements
This press release may contain 'forward-looking statements' (within the meaning
of the safe harbour provisions of the U.S. Private Securities Litigation Reform
Act of 1995). These statements relate to the current expectations, beliefs,
intentions, assumptions, or strategies of Subsea Integration Alliance,
Schlumberger or Subsea 7 regarding the future, and are subject to known and
unknown risks that could cause actual results, performance or events to differ
materially from those expressed or implied in these statements. Forward-looking
statements may be identified by the use of words such as 'anticipate',
'believe', 'estimate', 'expect', 'future', 'goal', 'intend', 'likely' 'may',
'plan', 'project', 'seek', 'should', 'strategy' 'will', and similar expressions.
Some of the risks and uncertainties that could impact Subsea Integration
Alliance, Schlumberger or Subsea 7 are described in the 'Risk Management'
section of Subsea 7's Annual Report and Consolidated Financial Statements for
the year ended 31 December 2021 and the 'Risk Factors' section of Schlumberger
Limited's Annual Report on Form 10-K for the year ended 31 December 2021 as
filed with the US Securities and Exchange Commission. Factors that may cause
actual and future results and trends to differ materially from these forward-
looking statements include (but are not limited to): (i) Subsea 7's ability to
deliver fixed price projects in accordance with client expectations and within
the parameters of its bids, and to avoid cost overruns; (ii) Subsea 7's ability
to collect receivables, negotiate variation orders and collect the related
revenue; (iii) Subsea 7's ability to recover costs on significant projects; (iv)
capital expenditure by oil and gas companies, which is affected by fluctuations
in the price of, and demand for, crude oil and natural gas; (v) unanticipated
delays or cancellation of projects included in Subsea 7's backlog; (vi)
competition and price fluctuations in the markets and businesses in which Subsea
7, Schlumberger and Subsea Integration Alliance operate; (vii) the loss of, or
deterioration in Subsea 7's relationship with, any significant clients; (viii)
the outcome of legal proceedings or governmental inquiries; (ix) uncertainties
inherent in operating internationally, including economic, political and social
instability, boycotts or embargoes, labour unrest, changes in foreign
governmental regulations, corruption and currency fluctuations; (x) the effects
of a pandemic or epidemic or a natural disaster; (xi) liability to third parties
for the failure of joint venture partners to fulfil their obligations; (xii)
changes in, or failure to comply with, applicable laws and regulations
(including regulatory measures addressing climate change); (xiii) operating
hazards, including spills, environmental damage, personal or property damage and
business interruptions caused by adverse weather; (xiv) equipment or mechanical
failures, which could increase costs, impair revenue and result in penalties for
failure to meet project completion requirements; (xv) the timely delivery of
vessels on order and the timely completion of ship conversion programmes; (xvi)
Subsea 7's ability to keep pace with technological changes and the impact of
potential information technology, cyber security or data security breaches; and
(xvii) the effectiveness of Subsea 7's disclosure controls and procedures and
internal control over financial reporting. Many of these factors are beyond the
parties' ability to control or predict. Given these uncertainties, you should
not place undue reliance on the forward-looking statements. Each forward-looking
statement speaks only as of the date of this announcement. Subsea Integration
Alliance, Subsea 7 and Schlumberger undertake no obligation to update publicly
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

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For further information, contact:

Media
Moira Duff - Director of External Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
[email protected]

Tracey Miller
Group External Communications Manager- Subsea 7
Tel +44 1224-265733
[email protected]

Investors
Ndubuisi Maduemezia - Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo - Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
[email protected]

Katherine Tonks
Investor Relations Director - Subsea 7
Tel +44 20 8210 5568
[email protected]

More information:
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Source

Subsea 7 S.A.

Provider

Oslo Børs Newspoint