SLB Awarded Five Year Contract for Petrobras’ Digital Transformation

Rhea-AI Summary

SLB awarded five-year contract by Petrobras for digital transformation using AI and cloud-based technologies. The investment will accelerate decision making and help Petrobras achieve decarbonization and net zero targets.

Positive

• Petrobras awarded SLB a five-year contract for digital transformation, signaling a significant investment in cloud-based technologies.
• The use of AI and machine learning reduced fault interpretation time in petrophysical modeling workflows by 60%.
• The Delfi platform empowered Petrobras' geoscientists and engineers with seamless and scalable digital technology and computing power.

Negative

• None.

Investments in AI and cloud-based technologies accelerate decision making and set the foundation for achieving decarbonization and net zero targets

LONDON--(BUSINESS WIRE)-- Regulatory News:

SLB (NYSE: SLB) has been awarded a five-year contract by Petrobras for an enterprise-wide deployment of its Delfi™ digital platform. The contract scope covers Petrobras’ digital transformation from exploration, development, and production operations, including moving subsurface workflows to the cloud to significantly accelerate decision making. The award represents one of Petrobras’ largest investments in cloud-based technologies and sets the foundation for it to achieve its decarbonization and net zero targets.

“By leveraging AI, machine learning, and high-performance computing technology from SLB, Petrobras will drive aggressive efficiency and production increases across its E&P business,” comments Rakesh Jaggi, president, Digital & Integration, SLB. “Leveraging the Delfi platform to digitally transform Petrobras’ E&P workflows, will improve efficiency and demonstrates its commitment to sustainability and energy transition.”

For geological and geophysical (G&G) interpretation, the Delfi platform realized a significant reduction in processing time. Some workflows experienced a reduction from hours to minutes. As an example, AI and machine learning applications reduced fault interpretation time in petrophysical modeling workflows by 60%.

The Delfi platform will empower all Petrobras’ geoscientists and engineers with seamless and scalable digital technology and computing power, helping improve focus on business operations. The large investment in SLB digital technology for E&P by Petrobras is part of its plan to increase total operations production.

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.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’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 such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230630222599/en/

Media

Moira Duff

Director of External Communications

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

Tel: +1 (713) 375-3535

Email: investor-relations@slb.com

Source: SLB

FAQ

What is the contract between SLB and Petrobras for?

The contract is for an enterprise-wide deployment of SLB's Delfi digital platform, covering Petrobras' digital transformation from exploration, development, and production operations.

How did the Delfi platform improve efficiency for Petrobras?

The Delfi platform reduced processing time for geological and geophysical interpretation, with some workflows experiencing a reduction from hours to minutes. AI and machine learning applications also reduced fault interpretation time by 60%.

What are Petrobras' goals with this investment?

Petrobras aims to achieve decarbonization and net zero targets, while driving efficiency and production increases across its E&P business.