Strong foundation for growth: Steelhaus extends its agreements with Schlumberger to 2035

Directly or indirectly Steelhaus has had a successful global Partnership with Schlumberger, the world’s largest oil and gas service provider for the last 15 years.  To date this partnership has brought our oilfield completions products into 32 different countries and into some of the world’s largest oil and gas plays.  The foundation of our relationship with Schlumberger is Product development and engineering agreements, supply agreements, and a North American royalty agreement.  By way of the product development arrangement, Steelhaus has become the sole provider of Engineering, product development, and sustaining for Schlumberger’s entire suite of Completions Products. This is one of the only agreements of its kind that Schlumberger has with an outside Partner and it integrates us very closely to their operations.  The fruits of our Engineering efforts come by way of our product supply arrangements, to date we are the largest supplier of manufactured completion products to Schlumberger globally.  In 2021, we also entered into a North American agreement which gives us access to Schlumberger’s complete portfolio of Completions tools, by way of this agreement Steelhaus serves end-user producers as a conventional sales and service company through Steelhaus Canada.  Late last year we successfully renegotiated the terms of all of our agreements with Schlumberger extending them to 2035.  This represents an uncanny length of time for these types of arrangements and it represents Schlumberger’s commitment to Steelhaus and our value to their long-term global oil and gas initiatives.