SLB OneSubsea Awarded Contract for Lyra Field Development Offshore Norway

Close collaboration and standardized subsea technology accelerate path to first production

HOUSTON--(BUSINESS WIRE)--Global energy technology company SLB (NYSE: SLB) today announced that its OneSubsea™ joint venture has been awarded a contract by Aker BP to deliver subsea production systems, umbilicals and associated services for the Lyra field development, formerly known as Kjøttkake, on the Norwegian Continental Shelf (NCS).

Building on nearly a decade of collaboration through Aker BP’s alliance model, Aker BP and SLB OneSubsea worked together from the early stages of the project to shape the development strategy for Lyra. The field will be developed as a subsea tieback to existing infrastructure using proven, standardized subsea technology to reduce development complexity, improve execution efficiency and accelerate the path to first production.

“Lyra shows what is possible with fast-track field development,” said Mads Hjelmeland, chief executive officer, SLB OneSubsea. “Working together from the earliest stages allows us to shape development strategies around our customers’ priorities and create new opportunities for offshore resources.”

“Our alliance with SLB OneSubsea, combined with standardized subsea technology, has been central to how we are developing Lyra,” said Marte Mogstad, senior vice president, Aker BP. “The project demonstrates how we together can make marginal resources economically viable through fast track execution, with three years from discovery to first oil.”

Key points

• SLB OneSubsea has been awarded a contract by Aker BP to deliver subsea production systems, umbilicals and associated services for the Lyra field development on the Norwegian Continental Shelf (NCS).
• Lyra will be developed as a subsea tieback to existing infrastructure, using standardized technology to reduce complexity and accelerate the path to first production.
• The project provides a model for fast-track field development and a blueprint for future developments on the NCS.

About SLB

SLB (NYSE: SLB) is a global technology company that has driven energy innovation for 100 years. 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 a new subsea era leveraging digital and technology innovation to optimize our customers’ oil and gas production, reduce emissions in subsea operations, and unlock the large potential of subsea solutions to shape a sustainable energy future. SLB 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.

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; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; 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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