Cooperation with Schlumberger

May 31, 2000, 15:15 CEST

An agreement on drilling and well technology cooperation off Norway has been signed by Statoil and Schlumberger today, 31 May.

This deal ends six months of work following the award of drilling and well technology contracts by Statoil last November.

More than 30 per cent of these assignments went to Schlumberger, which accounted for 25 per cent of the group's budget in this area during 1999.

In addition to developing new technology for use in licences, the collaboration agreement focuses on improved utilisation of existing solutions.

It also embraces such aspects as knowledge transfer, technology deployment and publishing successes to share internally and externally.

"This agreement covers confidentiality and intellectual property issues," explains Statoil chief executive Olav Fjell.

"With these issues addressed, our companies have the freedom to develop the best ideas knowing they will be mutually beneficial."

"Statoil is one of our most important customers, and we're excited at the opportunities that this agreement provides for us to demonstrate our commitment to the group and its specific technology needs," says Euan Baird, chief executive of Schlumberger.

"We look forward to contributing to Statoil's success."