Subsea 7 S.A. announced the signing of a new long-term strategic collaboration agreement between Equinor and Subsea Integration Alliance (which comprises Subsea7 and OneSubsea). The agreement, which was signed on May 2, 2024 in Stavanger, Norway, represents an innovative, integrated way of working. It enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them economically viable.

Building on their experience as members of Subsea Integration Alliance, this agreement also further cements Subsea7 and OneSubsea?s positions as trusted contractors to Equinor. The agreement paves the way for exclusive collaboration to begin immediately on early, joint concept studies for two projects: the Wisting field offshore Norway, and Bay du Nord, off Newfoundland and Labrador, Canada. Under the agreement, any resulting EPCI scopes would be directly awarded to the Alliance if a final investment decision is made.

Bringing together the expertise, experience and capabilities of Equinor, Subsea7 and OneSubsea has enabled further exploratory work at both projects to recommence and through the collaboration agreement, further such opportunities are expected to be unlocked in the short to medium term.