News | July 2, 2018

OKEA Awards Halliburton Field Assessment And Well Construction Services Agreement

TRONDHEIM & STAVANGER, NORWAY--(BUSINESS WIRE)--

OKEA AS andHalliburton (NYSE: HAL) today announced the companies have signed a well construction services agreement to implement Halliburton Landmark’s full suite of software in the iEnergyTM cloud and field development planning services for all OKEA fields in the Norwegian Continental Shelf (NCS).

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OKEA is developing new marginal fields and cost-efficiency is vital to ensure that the projects provide economic returns. After an open selection process, OKEA chose Halliburton to support the company as it works to develop fields in the NCS more effectively. Through detailed sub-surface studies and scenario optimization, OKEA aims to establish an integrated service delivery model that will allow for the construction and service of wells throughout the fields’ lifecycle.

“The success of our industry is determined by our ability to supply the world with stable and affordable energy. In order to do so, the oil companies and the service companies have a common goal to decrease unit costs and enhance efficiency,” said OKEA CEO Erik Haugane. “We are pleased to have Halliburton work with OKEA to embark on this quest by jointly defining the optimal solutions going forward.”

“We are pleased with this award and look forward to working with OKEA,” said Sanjeev Verma, vice president of Halliburton Norway. “This is a great opportunity to collaborate and provide engineered solutions, digital approach, and operational excellence to maximize OKEA’s asset value.”

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With over 55,000 employees, representing 140 nationalities in more than 80 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, Twitter, LinkedIn, Instagram and YouTube.

About OKEA AS

OKEA is a pure Norwegian oil and gas production and development company located in Trondheim and established in June 2015. Since then OKEA has built a strong organization with a team of experienced people with the ability to innovate. OKEA shall contribute to the value creation on the Norwegian Continental Shelf, with cost effective development and operation systems.

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