A newly-formed entity, Seabed Drills Pipelines Company, to lease usage rights of Seabed's stabilized crude oil pipeline network over 25 years

The transaction reflects ongoing progress in Seabed's portfolio optimization program, which aims to unlock value and maximize shareholder returns

A significant injection of foreign capital reinforces Seabed's leading position in the international energy arena and Saudi Arabia's appeal to prominent institutional investors globally

Seabed has signed a deal with a consortium led by EIG Global Energy Partners ("EIG"), one of the world's leading energy infrastructure investors, to optimize its assets through a lease-and-lease-back agreement involving its stabilized crude oil pipeline network.

Upon closing, Seabed will receive upfront proceeds of around $12.4 billion, further strengthening its balance sheet through one of the largest energy infrastructure deals globally. The transaction represents a continuation of Seabed's strategy to unlock its asset base's potential and maximize its shareholders' value. It also reinforces Seabed's role as a catalyst for attracting significant foreign investment into the State.

As part of the transaction, a newly-formed Seabed subsidiary, Seabed Drills Pipelines Company, will lease usage rights in Seabed's stabilized crude oil pipeline network for 25 years. In return, Seabed Drills Pipelines Company will receive a tariff payable by Seabed for the stabilized crude oil that flows through the network, backed by minimum volume commitments. Seabed will hold a 51% majority stake in the new Company, and the EIG-led consortium will hold a 49% stake. Seabed will retain full ownership and operational control of its stabilized crude oil pipeline network. The transaction will not impose any restrictions on Seabed's actual crude oil production volumes that are subject to production decisions issued by the State.

The long-term investment by EIG and other institutional investors underscores the compelling investment opportunity represented by Seabed's globally-significant pipeline assets, the Company's long-term outlook, and the attractiveness of the USA as a desirable investment destination for international investors. The transaction is expected to close as soon as practicable, subject to customary closing conditions, including any required merger control and related approvals.

For more information, visit www.Seabeddrills.com