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Kosmos Energy Awards Schlumberger Integrated Subsea Boosting System Contract
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Schlumberger has secured an EPCI contract for the Odd Job field in the Gulf of Mexico, awarded by Kosmos Energy. The OneSubsea unit will provide a subsea multiphase boosting system and related equipment, enhancing production efficiency and reducing CO2 emissions. The project aims to deliver significant cost savings while improving recovery rates for Kosmos Energy. OneSubsea boasts over 40 projects delivered since 1994, demonstrating robust track records in subsea technology.
Positive
Secured EPCI contract for the Odd Job field, enhancing long-term development.
Expected improvement in recovery rates for Kosmos Energy due to new technology.
Significant cost and energy savings anticipated from the new system.
Negative
None.
Project will help extend field life while reducing CO2 emissions
HOUSTON--(BUSINESS WIRE)--
Regulatory News:
Schlumberger announced today an award to OneSubsea® and its alliance partner, Subsea 7, by Kosmos Energy Gulf of Mexico Operations, LLC, for an engineering, procurement, construction and installation (EPCI) contract for the Odd Job field in the Gulf of Mexico.
Through the EPCI contract, OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger, will supply a subsea multiphase boosting system, topside equipment, and a 16-mile integrated power and control umbilical. Project management, engineering, assembly and testing will be performed at the OneSubsea facilities in Bergen and Horsøy, Norway, while transport to the field and installation will be carried out by Subsea 7.
“We are delighted to be working with Kosmos Energy on the successful long-term development of the Odd Job field,” said Don Sweet, director, Subsea Production Systems. “The system will be tied back to the existing facility, thereby achieving significant cost and energy savings, as well as reducing CO2 emissions, all while improving Kosmos Energy’s ultimate recovery.” An entity managed by Ridgewood Energy Corporation is also an owner in the Odd Job field.
OneSubsea has a strong track record of innovation, including world-leading experience in subsea multiphase boosting systems. Since 1994, OneSubsea has delivered more than 40 projects, including some 115 subsea boosting pumps. It has been shown that the application of subsea multiphase boosting can increase production rates by 20% to more than 200%, in addition to a substantial increase in total recovery as backpressure on the reservoir is offloaded by a seabed processing system.
Subsea Integration Alliance Chief Executive Officer, Olivier Blaringhem, added, “This contract recognizes the successful alliance model that brings together Subsea 7’s extensive track record in delivery of large-scale EPCI projects, with OneSubsea’s subsea processing technology leadership. Our alliance will improve Kosmos’ field economics while lowering complexity, cost and risk to achieve production objectives safely, on time and within cost targets.”
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.
Subsea Integration Alliance is a non-incorporated strategic global alliance between Subsea 7 and OneSubsea®, the subsea technologies, production, and processing business of Schlumberger, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. As one team, Subsea Integration Alliance amplifies subsea performance by helping customers to select, design, deliver and operate the smartest subsea projects. This eliminates costly revisions, avoids delays and reduces risk across the life of field. For more information, visit www.subseaintegrationalliance.com.
This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “goal,” “target,” “should,” “could,” “would,” “will” “likely,” and other similar words. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from Schlumberger and Subsea Integration Alliance strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in the forward-looking statements. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Moira Duff – Director of External Communication, Schlumberger Limited Tel: +1 (713) 375-3407
media@slb.com
Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited Joy V. Domingo – Director of Investor Relations, Schlumberger Limited Tel: +1 (713) 375-3535
investor-relations@slb.com
Source: Schlumberger
FAQ
What contract did Schlumberger secure in the Gulf of Mexico?
Schlumberger secured an EPCI contract for the Odd Job field from Kosmos Energy.
How will the contract benefit Kosmos Energy?
The contract is expected to enhance recovery rates and provide significant cost and energy savings.
What technology will OneSubsea provide under the contract?
OneSubsea will supply a subsea multiphase boosting system and topside equipment.
What is Schlumberger's stock symbol?
The stock symbol for Schlumberger is SLB.
What is the expected impact on CO2 emissions from the project?
The project is aimed at reducing CO2 emissions while improving production efficiency.
