UK-headquartered energy giant BP has handed out a subsea riser contract for a subsea well development
project located offshore Trinidad and Tobago to Aquaterra Energy, a compatriot provider of equipment and
solutions to the global offshore energy industry.

Aquaterra Energy revealed on Tuesday, 23 May 2023, that it had secured a “multi-million” deal for a subsea riser
system through a competitive tender with BP for the Cypre project off the southeast coast of Trinidad and
Tobago. This contract will enable the company to provide a complete end-to-end managed service as a fully
independent riser system and connector OEM.

James Larnder, Managing Director of Aquaterra Energy, commented: “This contract cements our position as one
of the leading riser system specialists globally. We're proud to say we won our first riser contract with BP back in
2010, and 13 years on we continue to work together. BP chose us because we could deliver a fully integrated
approach with access to solution-driven engineers. This is one of the reasons why our riser project experience
continues to grow, and I am looking forward to the next part of that journey.”

Furthermore, the system will be operated from a jack-up rig, supporting gas exploration from seven development
wells in a water depth of around 80 metres. According to Aquaterra, it will also provide local in-country content,
working alongside local fabricators, and transferring knowledge to teams. The drilling activities are expected to
kick off in 2023 with gas production anticipated to start in 2025.

Andrew McDowell, Operations Director at Aquaterra Energy, remarked: “The win further demonstrates our team's
global riser system expertise and collaborative approach to project delivery. We're looking forward to sharing this
experience and working closely alongside engineers in Trinidad and Tobago, sharing our knowledge and building
on existing local capabilities.”

Moreover, Aquaterra Energy will provide an integrated package of equipment, including rig modifications and
personnel for full end-to-end delivery, focusing on enhanced offshore efficiency and improved safety.

After BP made a decision to proceed with the Cypre gas development in September 2022, the firm hired Subsea
Integration Alliance, the partnership between Subsea 7 and OneSubsea, in November 2022 to support the
development of this project.

Located 78 kilometres off the southeast coast of Trinidad within the East Mayaro Block, the Cypre project will
include seven wells and subsea trees tied back into BP's existing Juniper platform via two new 14-kilometre
flexible flowlines. At peak, the development is expected to deliver average gas production of 250-300 million
standard cubic feet a day (mmscfd).