New way of working helps unlock final investment decision (FID) for project offshore Trinidad and Tobago

HOUSTON, May 5, 2025 — 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.

The Ginger project is the first project award under the new 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. Find out more at slb.com.

About SLB OneSubsea
SLB OneSubsea is driving the new subsea era that leverages digital and technology innovation to optimize our customers’ oil and gas production, decarbonize subsea operations and unlockthe large potential of subsea solutions to accelerate the energy transition. OneSubsea is a joint venture backed by SLB, Aker Solutions and Subsea7 headquartered in Oslo and Houston, with 10,000 employees across the world. Find out more at onesubsea.com. 

About Subsea Integration Alliance
Subsea Integration Alliance (SIA) is a strategic global alliance combining the strengths of SLB OneSubsea and Subsea7. Working closely with SIA gives customers unique access to integrated subsea solutions—including field development planning, EPCI contracting models, end-to-end project delivery—and total life cycle solutions. Find out more at subseaintegrationalliance.com. 

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

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

Investor Relations Director
Katherine TonksSubsea7
Tel +44 20 8210 5568
Email: ir@subsea7.com