Aker BP

Regulatory Filings • Apr 3, 2025

Five more years for the Well Intervention and Stimulation Alliance

Five more years for the Well Intervention and Stimulation Alliance

Aker BP, together with SLB and Stimwell Services, has extended its alliance

agreement for another five years to further accelerate and boost oil

production.

[Well Intervention and Stimulation Alliance, signing ceremony. Sami Haidar, Karl

Johnny Hersvik, Oliver Le Peuch.jpg] Hand in hand for five more years. From left

Sami Haidar (Managing Director, StimWell Servies), Karl Johnny Hersvik (CEO,

Aker BP) and Olivier Le Peuch (CEO, SLB). The picture in the background was

taken at the alliance signing ceremony in 2019.

The renewed agreement was signed by the CEOs of all three companies at Aker BP's

headquarters at Fornebu on 2 April.

Formed in 2019, the alliance has successfully supported Aker BP's operated

assets in meeting production targets.

By combining collaboration, digitalisation and innovative technology, the

alliance has set new benchmarks for safe, efficient and cost-effective

operations. Milestones include simultaneous operations using jack-up rigs, a

reduced backlog of locked-in barrels, and the world's first autonomous

intervention operation. Today, planning and execution are handled through

digital workflows - resulting in increased productivity, lower risk, and

improved success rates.

Looking ahead, the alliance strategy remains firm: to transform offshore well

intervention and stimulation.

Over the next five years, the partners aim to continue delivering top-quartile

performance while further developing future-proof capabilities. This includes

scaling up digital transformation through deeper integration between subsurface

and operational domains, expanding the use of Aker BP's Integrated Operations

Centre for remote operations, and accelerating the deployment of new

technologies.

The alliance will also play a key role in putting wells on stream across Aker

BP's field development projects. In particular, the newly upgraded stimulation

vessel will be used to optimise the new Valhall PWP wells, contributing

significantly to future production.

Collaboration is the runway to the future

"Strategic partnerships are essential to shaping the future of our industry. At

Aker BP, we remain committed to the alliance model, which creates value through

long-term collaboration. It enables us to increase productivity, maintain world

-class performance, and deliver oil and gas with low cost and low emissions.

This is how we position ourselves as the E&P company of the future," said Karl

Johnny Hersvik, CEO of Aker BP.

Olivier Le Peuch, CEO SLB added: "Increasing production and recovery from

maturing assets is a top priority across the industry, and this alliance

demonstrates how we can drive progress together through the power of

partnership, The complex challenges facing our industry will increasingly

require deep collaboration and trust across teams, and this alliance has been a

cornerstone example of how powerful driving innovation together can be."

Sami Haidar, Managing Director, StimWell Servies said: "Stimulation has been

critical in unlocking and increasing the recovery from tight reservoirs such as

Valhall. During the last five years, the alliance working together, managed to

successfully develop very tight areas of the field, by using innovative

technology which significantly reduced the execution time, and CO2 footprint and

making it economic."

[Well Intervention and Stimulation Alliance signing ceremony group photo.jpg]

Well Intervention and Stimulation Alliance signing ceremony group photo.

Contacts:

Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889

About Aker BP:

Aker BP is a leading exploration and production company focused on oil and gas

operations on the Norwegian continental shelf. The company operates the Alvheim,

Edvard Grieg, Ivar Aasen, Skarv, Ula, and Valhall field centres and is a key

partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP

is listed on the Oslo Børs under the ticker AKRBP. For more information, visit

www.akerbp.com/en.