Schlumberger (SLB) unveiled on Thursday the initiation of a long-term strategic partnership agreement with Equinor ASA (EQNR) and the Subsea Integration Alliance, a collection of OneSubsea and Subsea7. This deal sets the groundwork for exploratory operations in two significant projects: the Wisting field, situated offshore Norway, and Bay Du Nord, located off Newfoundland and Labrador, Canada.
The partnership facilitates the early exchange of information, spurring technology innovation and offering other cooperative benefits. These critical perks potentially unlock more subsea projects by rendering them economically feasible. Moreover, this deal solidifies the positions of OneSubsea and Subsea7 as reliable contractors to Equinor, building upon their well-established experience within the Subsea Integration Alliance.
The agreement also allows immediate commencement of collaboration on early joint concept studies for the two prominent projects. Within the parameters of the same agreement, any resulting engineering, procurement, construction, and installation (EPCI) execution would compactly be awarded to the alliance, provided a final investment decision (FID) is made.
