SLB OneSubsea Secures EPC Contract for Northern Lights CO2 Transport and Storage Project Expansion

SLB (NYSE: SLB) today announced the award of an engineering, procurement and construction (EPC) contract by Equinor (Technical Service Provider) to its OneSubsea™ joint venture for a CO₂ subsea injection system for the Northern Lights phase two project offshore Norway.

The final investment decision for phase two was made by the Northern Lights’ owners TotalEnergies, Shell and Equinor following a commercial agreement with an end-use customer, marking a decisive milestone for the adoption of carbon capture and storage (CCS) at scale. The SLB OneSubsea scope includes two new satellite subsea CO₂ injection systems with associated tie-in equipment. Work has already commenced, with first deliveries expected in 2026.

The award follows the successful delivery of two subsea injection systems for the first phase of this project in 2023. Northern Lights is part of the world’s first open-source, full-scale value chain for CO₂ capture, transport, and storage services. Phase two will increase the current capacity from 1.5 million to a minimum of 5 million tonnes of CO₂ per year. Northern Lights phase two is also enabled by a grant from the Connecting Europe Facility for Energy (CEF Energy) funding scheme.

“Equinor’s enduring commitment to subsea standardization is now yielding substantial benefits across new offshore value chains, including CO₂ storage. By utilizing standardized components, we achieve reduced risk and economies of scale, which enhance both traditional and innovative subsea projects,” said Mads Hjelmeland, CEO of SLB OneSubsea. “The Northern Lights project is pivotal for Europe’s path toward net-zero emissions, and it is well aligned with our own strategy to expand the frontiers of subsea for a sustainable energy future.”

In May 2025, Northern Lights received confirmation that all the required permits are in place to start injecting and storing CO₂ in the Aurora CCS license in the North Sea. Phase one development of Northern Lights is completed, fully booked and ready to receive CO₂ from industrial customers. Operations are scheduled to begin in the second half of 2025.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About SLB OneSubsea

SLB OneSubsea is driving the new subsea era that leverages digital and technology innovation to optimize our customers’ oil and gas production, decarbonize subsea operations, and unlock the large potential of subsea solutions to accelerate the energy transition. SLB OneSubsea is a joint venture backed by SLB, Aker Solutions, and Subsea7 headquartered in Oslo and Houston, with 10,000 employees across the world. Find out more at onesubsea.slb.com.

About Northern Lights

Northern Lights has developed the world’s first open-source CO₂ transport and storage infrastructure. Northern Lights is owned by Equinor, Shell and TotalEnergies. Northern Lights is part of the Norwegian full-scale CCS project called “Longship”. The full-scale project includes capture of CO₂ from industrial sources and shipping of liquid CO₂ to an onshore terminal on the Norwegian west coast. From there, the liquified CO₂ will be transported by pipeline to an offshore storage location subsea in the North Sea, for permanent storage.

Media
Josh Byerly – SVP of Communications
Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
Email: [email protected]

Investors
James R. McDonald – SVP of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
Email: [email protected]

^{Cautionary Statement Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.}