SLB OneSubsea And Subsea7 Ink Long-Term Strategic Collaboration Deal With Equinor

(RTTNews) - SLB (SLB) announced Thursday the signing of a new long-term strategic collaboration agreement between Equinor ASA (EQNR) and the Subsea Integration Alliance (which comprises OneSubsea and Subsea7).

The agreement paves the way for exploratory work to begin on two projects: the Wisting field offshore Norway and Bay Du Nord, off Newfoundland and Labrador, Canada.

The agreement enables early information sharing, technology innovation and other collaborative benefits critical to unlocking more subsea projects by making them economically viable.

This agreement also further cements OneSubsea and Subsea7's positions as trusted contractors to Equinor and builds on their experience as members of the Subsea Integration Alliance.

The agreement paves the way for collaboration to begin immediately on early, joint concept studies for two major projects. Under the same agreement, any resulting EPCI execution would be directly awarded to the alliance, if a final investment decision (FID) is made.