OKEA ASA

Regulatory Filings • Jul 5, 2019

ABB and OKEA to accelerate value creation using innovative business models

ABB and OKEA to accelerate value creation using innovative business models

Global technology leader ABB and Norwegian fast-growing oil and gas producer

OKEA have signed a Memorandum of Understanding (MoU) agreement to support OKEA

achieve substantial productivity gains using agile and dynamic business models.

The MoU reflects future potential for OKEA to leverage ABB's global digital

leadership and industry experience in sustaining lean and optimized operations

for the future - with responsive new business models to maximize operational

excellence, reduce time-to-value and support cost-effective field developments

at a time of high technological change in offshore operations.

"We are pleased to express our joint efforts with ABB to further develop our

collaboration through this MoU, which constitutes a framework for defining a

strategic partnership related to digitalization initiatives," said Dag Eggan,

Senior Vice President of Business Performance, OKEA.

"ABB is, and will continue to be, a key partner for OKEA in realizing our

ambition to operate Draugen until 2040."

The MoU will support OKEA in their strategy to maintain an efficient

organization and scale production by leveraging ABB's expertise in autonomous

operations, digital solutions and advanced services.

"With deep-domain expertise and more than 50 years experience supporting oil and

gas operators worldwide, we are confident ABB will create tremendous value for

OKEA with this strategic collaboration," said Tor-Ove Lussand, Local Business

Manager, Norway, Energy Industries, ABB.

"ABB AbilityT - our unified digital offering extending from device to edge to

cloud - combined with innovative business models, will enable a direct link

between the technology and services we deliver, and the value created for OKEA."

OKEA OKEA is a fast-growing oil and gas producer operating on the Norwegian

Continental Shelf (NCS) aiming to bring undeveloped discoveries with less than

100 million boe in reserves into production. We are a trusted partner on a

local, regional and national level with a clear ambition to create value for

owners, employees and society as a whole. Our overall vision is to be the

leading company on the NCS in terms of delivering safe and cost-effective field

developments and operational excellence, while maintaining a competent

organization with direct management engagement in all of our projects. OKEA was

established in June 2015 and founded with capital contributions from the active

E&P manager Seacrest Capital Group, and the four founding members of management.

OKEA is listed on Oslo Stock Exchange under the ticker "OKEA".

ABB Energy Industries ABB is writing the future of safe and smart operations for

industry, with ABB AbilityT delivering integrated and secure digital solutions

that deliver value for customers with increasing autonomy, sustainability and

optimized performance. ABB Energy Industries brings deep domain knowledge and

technical expertise in energy and water, oil and gas, specialty chemicals and

primary pharmaceutical industries. Building on our heritage, a spirit of

collaboration and innovation inspires our digital leadership as we engineer and

provide products, services and solutions that support our partners for success,

both today and tomorrow as we look ahead to a new energy future.

ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader with a comprehensive

offering for digital industries. With a history of innovation spanning more than

130 years, ABB is today a leader in digital industries with four customer

-focused, globally leading businesses: Electrification, Industrial Automation,

Motion, and Robotics & Discrete Automation, supported by its common ABB AbilityT

digital platform. ABB's market leading Power Grids business will be divested to

Hitachi in 2020. ABB operates in more than 100 countries with about 147,000

employees. www.abb.com

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For more information, please contact:

ABB Media Relations Jacqueline Belesky

Global Content and Media Manager, Energy Industries  Phone: +44 (0) 7936

333096  Email:  jacqueline.belesky@no.abb.com

OKEA: Dag Eggan

Senior Vice President Business Performance,   Phone: +47 916 43

905Email:  dag.eggan@okea.no