Nekkar ASA - norjalainen disruptoija

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Nekkar ASA: Forms “Inteliwell” Joint Venture together with Transocean

28 October 2021 - Nekkar ASA’s (Nekkar) subsidiary company, Intellilift AS, has
established a joint venture (JV), Inteliwell, with a subsidiary of Transocean
Inc. (Transocean) for the purpose of commercialising products and services based
on a digital well construction solution that is currently being developed in
close cooperation between the JV partners.

Inteliwell’s digital well construction solution will integrate digital systems
for well construction, drilling control and real-time data monitoring. The
software solution interfaces with the drilling rig’s control system to
autonomously execute tasks outlined in the well plan, serving to expedite the
well construction process. Additionally, an integrated real-time monitoring
platform will measure downhole progress and evaluate conditions in the well to
provide critical, precision-enhancing feedback to the drilling control system.

“Intellilift has already digitized and facilitated increased automation and
remote-controlled operations onboard offshore vessels and drilling rigs. Through
this JV with Transocean, Intellilift will benefit from the driller’s global
footprint and well construction expertise, accelerating adoption of this
disruptive rig automation solution,” says Preben Liltved, CEO of Nekkar ASA.

Stig Trydal, managing director of Intellilift added: “In short, the JV will
provide software solutions (SaaS) that allow operators to further improve the
consistency of their operations while reducing drilling costs through more
reliable and faster drilling operations”.

Intellilift, which is owned 50.67% by Nekkar, will contribute development
resources, licenses for existing software and other services into the JV, which
has been established as a separate legal entity. Capital contributions by
Intellilift are currently not contemplated. Intellilift will hold a 33%
ownership in the JV.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

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