Collaboration will combine skills, knowledge, and experience, from concept development through full field lifecycle

HOUSTON, September 25, 2023—bp has signed a Memorandum of Understanding (MoU) with Subsea Integration Alliance aimed at developing a framework to enhance subsea project performance. The agreement with the Alliance, which comprises Subsea7 and OneSubsea™, an SLB company, will combine the three companies’ skills, knowledge and experience across a global portfolio of projects.

The agreement will combine bp’s experience to frame, build and execute projects with the Alliance’s capability to deliver integrated subsea production systems (SPS) and subsea umbilical, riser and flowline (SURF) systems. The team will work together, from concept development through the full field lifecycle, to support project delivery through new ways of working and an innovative commercial model.

A new team will be formed to oversee and manage activities across the program, with a focus on safety, quality and subsea project performance.

Ewan Drummond, bp’s SVP of projects, said: “The members of Subsea Integration Alliance have been a key supplier of bp for decades, and by combining our resources and knowledge, we can bring significant benefits to our customers and our stakeholders. Together, we can safely deliver projects with improved project schedules, reducing our total cost of ownership and harnessing synergies through a collaborative one-team mindset. We look forward to getting to work.”

Olivier Blaringhem, CEO of Subsea Integration Alliance, said: “This agreement marks a step change in how our highly collaborative teams will work together to achieve shared objectives for mutual value. Together with bp, we will deliver lower carbon energy to the world through enhancing long-term subsea performance.”

The MoU was signed at an official ceremony in London on September 22, 2023, that was attended by Ewan Drummond; Olivier Blaringhem; Louise Jacobsen Plutt, bp Senior Vice President of Procurement; Kristian Siem, Subsea7 Chairman; John Evans, Subsea7 CEO; Steve Gassen, SLB President of Production Systems; and Mads Hjelmeland, SLB Director of Subsea Production Systems.

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 bp

bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition ‎to be a net zero company by 2050, or sooner and help the world get to net zero, and a ‎strategy for delivering on that ambition. For more information visit bp.com.‎

About Subsea Integration Alliance

Subsea Integration Alliance is a nonincorporated strategic global alliance between Subsea7 and OneSubsea™, the subsea technologies, production, and processing systems business of SLB, bringing together field development planning, project delivery, and total life cycle solutions under an extensive technology and services portfolio.

Media

Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
Email: media@slb.com

Dave Bowden – Media Relations Manager
bp
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Email: David.bowden1@bp.com

Tracey Miller – Group External Communication Manager
Subsea7
Tel: +44 (0) 7786 262585
Email: communications@subsea7.com

Investors

James R. McDonald – Senior Vice President of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
Email: investor-relations@slb.com

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