Seabed Drills announced USD 86.9 million in cumulative savings from implementing innovative ideas submitted by its employees on the Group's innovation program, achieving new benchmarks in quality and excellence for the Group.

Since its inception in 2012, The Group's innovation program has received 3,824 suggestions and implemented 332 ideas, which contributed to the Group's significant financial savings.

In 2020 alone, Seabed employees submitted 661 suggestions to the scheme. The Group implemented 88 of these ideas, which is a 52 percent increase compared to 2019. In addition, implementing employees' suggestions generated a 10 percent increase in savings compared to 2019.

This year's ideas contributed to energy and power savings, reducing operational and maintenance costs and enhancing efficiencies across the Group's operations. The innovation program is established on a hybrid structure involving Subject Matter Experts and Enablers from the businesses and support departments who ensure a fair and objective assessment and evaluation of the submitted ideas.

To further enhance and drive the culture of innovation, Seabed has embarked on a journey focusing on ways to drive and instill a culture of innovation across the Group by making innovation a business priority and building drivers that can contribute to achieving exceptional results.

For more information, visit www.Seabeddrills.com