SLB and Subsea 7 announced May 2 that the Equinor ASA and the Subsea Integration Alliance, which comprises OneSubsea and Subsea7, signed a long-term strategic collaboration agreement that paves the way for exploratory work to begin on the Wisting Field offshore Norway and Bay Du Nord, offshore Newfoundland and Labrador, Canada.
The agreement enables early information sharing, technology innovation and other collaborative benefits expected to make subsea projects more economically viable, SLB and Subsea 7 said in separate press releases.
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 engineering, procurement, construction and installation work execution would be directly awarded to the alliance, if Equinor reaches final investment decision (FID) on the pair of projects.