BP Awards Schlumberger Contract for Mad Dog 2 Project

EPCI contract includes supply of subsea production system

HOUSTON, March 21, 2017—OneSubsea, a Schlumberger company, today announced the award by BP of an engineering, procurement and construction (EPC) contract to supply the subsea production system for the Mad Dog 2 development in the Gulf of Mexico.

The scope of this supplier-led solution includes subsea manifolds, trees, control system, single and multi-phase meters, water analysis sensors, intervention tooling and test equipment for producer and water injection wells associated with the project. In addition, Subsea 7, which collaborates with OneSubsea through the Subsea Integration Alliance, was awarded an engineering, procurement, construction and installation (EPCI) contract for subsea controls, flexible risers, pipeline systems, umbilicals and associated subsea architecture.

“Our collaborative working relationship with Subsea 7 empowers our organizations to deliver to BP an integrated EPCI capital-efficient solution, which is substantially lower than the original estimated project cost,” said Mike Garding, president, OneSubsea, Schlumberger. “Our equipment reliability is a key factor in mitigating project risk and this project will benefit from the supplier-led approach of using standardized equipment designs and specifications.”

Project management, including engineering, fabrication, installation support and life of field activities will be managed by US-based resources and operations in both Houston, Texas, and Louisiana. Teams from both organizations will be co-located to better support project objectives.

About Schlumberger

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $27.81 billion in 2016. For more information, visit www.slb.com.

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For further information, contact:

Investors

Simon Farrant – Schlumberger Limited, Vice President of Investor Relations
Joy V. Domingo – Schlumberger Limited, Manager of Investor Relations
Tel: +1 713 375 3535
investor-relations@slb.com

Media

Susan Ganz – Schlumberger, Public Relations Manager-Western Hemisphere
Tel: +1 713 939 2997
sganz1@slb.com