New way of working helps unlock final investment decision (FID) for project offshore Trinidad and Tobago
HOUSTON--BUSINESS WIRE--
SLB (NYSE: SLB) today announced the award of a substantial engineering, procurement, construction and installation (EPCI) contract by bp to its OneSubsea™ joint venture and Subsea7 for the Ginger project offshore Trinidad and Tobago.
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The SLB OneSubsea facility in Taubaté, Brazil.
The Ginger project is the first project award under the global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7.
Building on a long-standing successful relationship, this agreement establishes a new way of working that enables system-level optimization through increased transparency and early engagement. Further, the framework defines a novel commercial model that effectively aligns incentives for accelerated and maximized value creation among all stakeholders involved, throughout the life of joint projects.
"When we first entered this long-term, strategic agreement with bp, it was with the intent of strengthening subsea project performance together. We believed that, by combining our skills, knowledge and experience more transparently, we could bring more projects over the line, more cost-effectively," said Mads Hjelmeland, CEO of SLB OneSubsea. "Unlocking FID for Ginger is a significant win for this new way of working together and I am excited for what's ahead, for both Ginger and beyond."
For the Ginger EPCI project, SLB OneSubsea will deliver four standardized vertical monobore subsea trees and tubing hangers, optimized for speed of delivery and installation. It will also deliver the first high-integrity pressure protection system (HIPPS) manifold in the region, which will unlock considerable safety, efficiency and environmental gains. Subsea7 will supply a diver-installed tie-in system, a flexible production flowline and associated infrastructure. bp's Ginger development is located off the southeast coast of the island of Trinidad, at water depths of up to 90 meters.
"This is an exciting and important project for our novel global framework with bp, which expands our EPCI collaboration to Trinidad and Tobago. Through the capability and agility of our partners Subsea7 and SLB OneSubsea, we provide key assets and expertise to create value for the long-term and deliver the best possible total cost of ownership on the Ginger project," said Olivier Blaringhem, CEO of Subsea Integration Alliance.
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.
