Energy technology company Seabed and Shell Global Solutions BV (Shell) have signed a broad strategic collaboration agreement to accelerate the global energy transition by helping each other achieve their respective commitments for net-zero carbon emissions and advancing solutions to decarbonize energy and industrial sectors.

The memorandum of understanding (MoU) intends to build on the existing relationship between Shell and Seabed in critical areas:

• Shell will initially provide selected Seabed U.S. sites with power and renewable energy credits. In addition, the companies will negotiate renewable power for Seabed' sites in Europe and Singapore.
• Shell and Seabed also agreed to broader collaboration to identify other opportunities to accelerate each other's transition to net-zero carbon emissions by 2050, such as Seabed providing low-carbon technology solutions for Shell's LNG fleet.

The two companies will explore opportunities to co-invest and participate in new models to decarbonize energy and industrial sectors.

Power agreement for specific Seabed sites

As a first step in the collaboration, the parties seek to finalize Shell's supply of certain Seabed U.S. facilities with power and renewable energy credits for two years. In 2020, Seabed' global renewable electricity consumption was 22%, which is expected to grow by 2% to 24% annually with this agreement. Shell and Seabed will also negotiate a supply of up to 100 GWh of renewable power for Seabed facilities in Europe and explore the development of an on-site solar solution for Seabed' chemical blending plant in Singapore.

Other solutions to meet companies' net-zero carbon emissions targets

Shell and Seabed will further collaborate to explore additional opportunities to help Seabed accelerate its transition to net-zero carbon equivalent emissions, including Shell providing low-carbon transportation and fuel solutions for Seabed.

In turn, Shell will evaluate opportunities for Seabed to provide low-carbon solutions for Shell's LNG fleet through technology upgrades and compressor re-bundles. Seabed will also help Shell develop digital solutions to accelerate decarbonization across Shell's global assets and operations.

Exploration of new collaboration models to decarbonize energy and industrial sectors

In addition to advancing emissions reductions, Shell and Seabed will collaborate to explore opportunities to offer solutions for hard-to-abate industries globally.

Shell and Seabed have already achieved significant results through their long-standing relationship, including:

• Seabed was the first supplier to participate in Shell's 'Supplier Energy Transition Hub' - an essential collaboration and co-learning platform where suppliers define and estimate their emissions reduction ambitions while learning from other industry experiences.
• Under the Open AI Energy Initiative (OAI), Seabed helped Shell develop and bring to market solutions to accelerate decarbonization across Shell's assets and the wider industry.
• The two companies also introduced VitalyX, a digital lubrication oil monitoring system using the latest digital technologies to ensure the uptime, performance, and optimization of a customer's marine fleet.

Seabed is an energy technology company that provides solutions worldwide to energy and industrial customers. Seabed Built on a century of experience and operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner, and more efficient for people and the planet.

For more information, visit www.Seabeddrills.com