Subsea Intervention & Survey

Houston (August 11, 2014)—OneSubsea™, a Cameron (NYSE: CAM) and Schlumberger (NYSE: SLB) company, Helix Energy Solutions Group, Inc. (NYSE: HLX) and Schlumberger today announced that they have entered into a letter of intent to form an alliance to develop technologies and deliver services to optimize the cost and efficiency of subsea well intervention systems.

Helix is a leading subsea well intervention provider, with the largest fleet size of well intervention vessels, and an unequalled track record in cost-effective subsea well intervention. OneSubsea, a preeminent solution provider for subsea well control, with a global footprint of executed major projects, has significant experience in the manufacture and supply of subsea well intervention equipment and services. Schlumberger is the world's leading supplier of technology and services to the oilfield, including conveyance systems and in-well technologies for subsea applications.

Upon agreement on the final terms of the alliance definitive agreement, the alliance will leverage the capabilities of Helix, OneSubsea and Schlumberger, to provide a unique, fully integrated offering, combining marine support with well access and control technologies. The alliance will focus on several objectives aimed at increasing the operating envelope of today’s subsea intervention technology. These objectives include the expansion of applications enabled by subsea well-access technology, and specific solutions for deep and ultra-deepwater basins and higher well pressure environments. An important consideration is the evolution in the capabilities of Helix’s vessels to provide well intervention and additional support services such as well commissioning, artificial lift support, and abandonment, which are usually performed using drilling rigs.

Helix President and Chief Executive Officer, Owen Kratz said, “Helix is proud to join OneSubsea and Schlumberger as industry leaders in a team to provide a truly comprehensive array of solutions in the area of well intervention. From well construction through production enhancement to decommissioning, this is an opportunity for our companies to work with our clients in realizing significant value creation through a fully integrated and collaborative team effort.

Cameron Chairman, President and Chief Executive Officer, Jack Moore said, “OneSubsea is very excited to be partnering with Helix, the leader in subsea well intervention; and Schlumberger, the leader in subsurface evaluation and construction technologies. This unique alliance will drive optimization in the complete subsea well intervention value chain. Together, we will develop leading technology to reduce operational risk, increase efficiency, improve recovery, and lower the overall cost of subsea well intervention operations for our clients.

Paal Kibsgaard, Schlumberger Chief Executive Officer said, “This alliance reinforces our commitment, along with our OneSubsea joint-venture company partner Cameron, to help our customers improve production and recovery from their subsea developments. We are determined to drive further integration of our leading technology portfolio, backed by improved reliability and greater efficiency, to create a step-change in performance throughout the E&P value chain.