Oil and gas player Neptune Energy has awarded a long-term contract for drilling activities on the Norwegian
Continental Shelf (NCS) to Tenaris, a manufacturer of pipes and related services.

Neptune Energy disclosed on Tuesday, 16 May 2023, that a five-year contract with two two-year extension
options was given to Tenaris for the provision of equipment and services to support drilling activities offshore
Norway. The deal came into effect in mid-April 2023.

Kjell-Petter Schou Andreassen, Neptune's Head of Supply Chain Management & Logistics in Norway, remarked:
“The new contract strengthens our collaboration with Tenaris which has supported our strong operational and
safety performance across all of our drilling activities.”

The contract, which amounts to more than $100 million, covers the manufacture, transport, handling and repair
of a broad range of casing materials used in offshore drilling activities. The company explains that this will initially
include support for one exploration well and one appraisal well in its operated Gjøa area in the Norwegian Sea
this year.

Christer Andersen, Tenaris' Country Manager in Norway, commented: “We look forward to continuing to add
value to Neptune's operations in the years to come with our global industrial footprint, state-of-the-art technology
and our advanced, low-carbon product portfolio.”

Located in the northern part of the North Sea, the Gjøa field was discovered in 1989 by Statoil (current Equinor).
The operatorship was transferred to Neptune when production started in 2010. The semi-submersible Gjøa
production unit, jointly developed with nearby Vega fields, has full processing and export capabilities and is
electrified with renewable power from shore.

This platform has been designed to act as an area hub. While the oil is exported to the Mongstad crude oil
terminal on the west coast of Norway, the gas is exported through the FLAGS pipeline to the St. Fergus Gas
Terminal in Scotland. The Wintershall Dea-operated Nova field, which is tied back to the Gjøa platform, started
production in 3Q 2022.

Regarding Neptune's recent activities in Norway, the company brought on stream an oil and gas field in the
Norwegian Sea at the end of April 2023. This field has been tied back to the Equinor-operated Njord A platform.

Elsewhere, the firm entered into a multi-year partnership agreement with WFR Oilfield Services for the provision
of a wide range of well testing services in the Dutch sector of the North Sea.