Aker BP

Business and Financial Review • May 23, 2022

Aker BP and Halliburton collaborate to develop next generation field development planning

Aker BP and Halliburton collaborate to develop next generation field development planning

Aker BP and Halliburton Company (NYSE: HAL) today announced that the companies

will co-develop next generation field development planning software. The

collaboration delivers a new cloud application - Field Development Planning

(FDP) - from Halliburton.

It also expands the scope of the current Digital Well Program®,  a

DecisionSpace® 365 cloud application, built on an open architecture to provide

integrated well planning and design to increase collaboration and connectivity

across drilling activities.

Built on the OSDU[TM] Data Platform, FDP converts the manual process of

collating field development data to make the decision gate process more

efficient and auditable and provides a common audit trail across the subsurface

community. FDP helps organizations better understand uncertainty and risks

associated with field development concepts.

"We are excited to extend our close collaboration with Aker BP and develop a

cutting-edge intelligent system to evolve field development from the manual FDP

process that exists in most enterprises," Halliburton Chairman, President and

CEO Jeff Miller. "FDP creates a holistic view of field development and well

construction, which will allow Aker BP to make more informed and expediated

subsurface and reservoir/production decisions to optimize its investment and

maximize the return on its assets."

"Aker BP aims to be fully digital and nearly fully automated towards the end of

this decade.?We are creating an ecosystem where work processes are seamlessly

integrated, and data is flowing without friction. Halliburton is a key partner

in this strategy. FDP will give us the ability to increase efficiency, maximize

value and make data-driven decisions for entire field concepts. Furthermore, we

will then understand and mitigate risk and uncertainty on a whole new level,"

said Karl Johnny Hersvik, CEO of Aker BP.

"Keeping different development scenarios in place for future use gives us a

cutting-edge capability to understand how engineering work matures during the

development phases. It will make it possible to collaborate and drive

transparency across the assets as never seen before in the industry."

Halliburton and Aker BP build on a close and collaborative strategic

relationship over many years.

"Together we are already revolutionizing well construction through

transformative expertise, agile processes and game changing technology. We have

successfully implemented Collaborative Well Planning for optimal well

placements, reduced risk and increased resources. We are close to designing a

well in a day with high quality in the open Digital Well Program built on

Halliburton's IEnergy solution. With Field Development Planning we are

accelerating our digital transformation to the next level," said Tommy

Sigmundstad, senior vice president of Drilling and Wells for Aker BP.

About Aker BP

Aker BP is an independent E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The

company is also a partner in the Johan Sverdrup field. Aker BP is headquartered

at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker

'AKRBP'. More about Aker BP at www.akerbp.com.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products

and services to the energy industry. With approximately 40,000 employees,

representing 130 nationalities in more than 70 countries, the company helps its

customers maximize value throughout the lifecycle of the reservoir - from

locating hydrocarbons and managing geological data, to drilling and formation

evaluation, well construction and completion, and optimizing production

throughout the life of the asset. Visit the company's website at

www.halliburton.com. Connect with Halliburton on

Facebook (https://www.facebook.com/halliburton),

Twitter (https://twitter.com/Halliburton),

LinkedIn (http://www.linkedin.com/company/halliburton), Instagram

(https://www.instagram.com/halliburton/)and

YouTube (http://www.youtube.com/user/Halliburton).

Contacts for Aker BP:

Kjetil Bakken, VP Investor Relations, kjetil.bakken@akerbp.com, tel.: +47 918 89

889

Ole-Johan Faret, Press Spokesperson, ole-johan.faret@akerbp.com, tel.: +47 402

24 217

Contacts for Halliburton:

David Coleman, Investor Relations, investors@halliburton.com, tel: 281-871-2688

Emily Mir, External Affairs, pr@halliburton.com, tel: 281-871-2601