Multiparty Project Agreement – Guideline for design and

qualification of composite tubing and casing for downhole O&G

applications

Section 1 Cover Letter

[Company Full company name, hereinafter called Company: Address:
name]

Contact person: Tel:

Company’s VAT and/or organizational number: E-mail:

List of all
Parties to the Please see section 5.1 of the attachment to the agreement.
Agreement

DNV GL DNV GL AS (hereinafter called DNV GL): Address:

Veritasveien 1, 1363 Høvik, Norway
DNV GL AS is a company incorporated in Norway

Contact person: Tel:

Ramin Moslemian +47 90164822

Section/Department: E-mail:
Pipelines, Materials & Testing Ramin.Moslemian@dnvgl.com

Purpose of The purpose of the project is to develop a guideline for design and qualification of composite tubing and casing
project for downhole applications for the oil and gas industry.

Deliverable(s)
Deliverables from the project include:
1. A design and qualification guideline summarizing the developed practices, comments and discussions from
the participants to the project.
2. Three workshops at the beginning, after 1 year and at the end of Phase 1 to discuss the scope, development
and the guideline.

This multiparty agreement is entered into by DNV GL and Companies as listed above. DNV GL and Companies are in the following
referred to as “Company” in singular and “Companies” in plural. Companies and DNV GL together are hereinafter referred to as
“Party”/”Parties”.

This Project Agreement (the Agreement) consists of this Section 1, Section 2 and Section 3, as well as any attachments hereto
constitute(s) the entire agreement between the Parties. It shall supersede and invalidate all prior representations relating to the
subject matter hereof. Any terms and conditions included in any communication from a Party shall be null, void and disregarded. No
other amendment and/or variation to the Agreement shall be valid unless duly signed by all Parties.

Should any provision of this Agreement be held to be invalid or unenforceable, such shall not affect the validity or enforceability of
any other part or provision of this Agreement. Such provision shall be amended to the extent necessary to make the provision valid
and enforceable, while keeping as strictly and closely as possible to the original wording and purpose of the provision.

In case of conflict between the sections and the attachments, the following order of precedence shall apply:

1. Section 2 Form of Agreement

2. Section 1 Cover Letter
3. Section 3 General Terms and Conditions
4. Attachments

Agreement No. 20-091 - Revision. 0

On behalf of Company On behalf of DNV GL

Place: Date: Place: Date:

Signature Signature

Name: Name: Martin Strande

Function: Function: Head of Department Pipelines, Materials & Testing

Section 2 Form of Agreement

1. Purpose and scope of Work (Work)

Please see the attachment to the agreement, section 1.

2. Activities and Deliverables from the Project (“Deliverable(s)”)

The Parties acknowledge that this Agreement does solely set out an obligation for the parties to provide their best
efforts – it is does not set out obligations of result. Thus, the below Deliverables constitute joint ambitions and
goals. However, the present Agreement does not include any warranty, guarantee or representation that any of
the Deliverables eventually will be realized, and/or commercialized, maintained or updated.

DNV GL has the right to use and further develop all material and information disclosed throughout the Project
including the Deliverables, for the purpose of developing, maintaining and updating the DNV GL Recommended
Practice and/or other DNV GL service documents. DNV GL Recommended Practice or other service document does
not constitute a part of the Deliverables.

Project/Project period/Progress plan

The Project period shall be 18 months from the effective date of this Agreement. For the details of the progress
plan please see setion 1.4 of the attachment to the agreement.

Each Party’s contribution to the above activity(ies)

DNV GL’s contribution
Activity Companies’ contribution to the Project
to the Project

Activities 1-12 Hosting of workshops, Participation in the workshops, discussions on the developed
development of rules and requirments, share experiences and comments on the
For details of the requirments, writing of the guideline.
activities see the guideline.
attachment to
agreement
section 1.3.

3. Intended use of and rights to Deliverables

DNV GL shall hold an unrestricted, perpetual right to use, process, compile, modify and further develop all
material and information collected or disclosed throughout the Project or which arise from or in connection with
the Project for the purpose of developing, maintaining and updating the DNV GL Recommended Practice and/or
other DNV GL service documents.

The Deliverables shall be kept confidential for at period of 24 months after the finalization of the Deliverables,
unless a shorter period is unanimously decided by the Parties.

4. Budget, costs and expenses

Unless otherwise agreed herein, each Party shall pay a fee as specified in Section 2.3 of the Attachment. Further
details on budget and invoicing including the amount of participation fee for each Party are specified in Section 2.5
of the Attachment.
 5. Project management

The agreed project organisation/management/ coordination, is described in Section 3 of the Attachment.

6. Special terms

Not applicable.
 Section 3 General terms and conditions
Commencement and Duration

1.1. This Agreement shall commence on the date when it has been signed by all Parties (the “Commencement Date”).

1.2. This Agreement shall continue, unless terminated earlier in accordance with this Agreement until the end of the Project Period when it shall terminate automatically without
notice.

2. General obligations

2.1. Each Party shall execute the work as described in the Scope of Work (the “Work”) in accordance with the provisions of this Agreement, and ordinary good workmanship.
The extent of the Work to be performed is set out exhaustively in the Scope of Work. Each Party shall at its sole discretion appoint appropriate personnel for the
performance of the Work. Unless otherwise agreed, each Party may at any time, and for its own cost and risk, substitute personnel assigned to the Work, provided that any
substituting personnel are suitably qualified.

2.2. Each Party shall in a timely manner make all necessary decisions and provide the others with necessary access to it’s assets, sites and facilities and provide the other
Parties with any and all relevant, accurate, and complete documentation and information required for the Work. However, neither Party gives any warranty with respect to
fitness for purpose or merchantability of the information that it provides. Unless it is explicitly agreed as part of the Work that a recipient Party shall identify discrepancies,
errors, inconsistencies or omissions in the information provided, each Party shall be responsible for all aspects of the information it provides.

2.3. Each Party warrants that it has the necessary rights to disclose the relevant information and documentation for the purpose of the Work.

2.4. Each Party agrees that it has no right to bind the other Parties in contract or otherwise in relation to any customers of either Party, and it shall not represent that it has
such a right. Neither Party shall provide to any third party any information, or make any representation, relating to the other Parties’s services, unless that information or
representation is approved by that Party for use in those circumstances.

3. Intellectual Property Rights (IPR)

3.1. ”IPR” or “Intellectual Property Rights” shall be defined as intellectual property and full rights thereto, including, but not limited to, all and any rights, including copyright, to
software, applications, databases, protocols, templates, checklists, service documents, methodologies and practices.

3.2. For the purpose of this Agreement, each Party shall remain the sole owner of any intellectual property and/or IPR existing prior to the date of this Agreement (“Pre-existing
IPR”).

3.3. Unless explicitly stated herein or otherwise following from the context, nothing in this Agreement shall imply or constitute a license to use or transfer of the other Parties’
Pre-existing intellectual property or IPR. However, all Parties shall hold the right to use any knowhow and general knowledge acquired in the course of the project for the
enhancement of its general technical capabilities, knowhow and general knowledge as well as for statistical purposes.

3.4. Unless otherwise stated above, DNV GL shall acquire and hold ownership rights to the Deliverables once they come into existence. Companies and their Affiliates and DNV
GL Affiliates shall hold a non-transferrable, global and royalty free license to use the Deliverables for their ordinary business purposes. The Deliverables shall not be
disclosed to third parties for a period of 24 months after finalization, unless otherwise stated herein or subject to the unanimous consent of the other Parties.

3.5. DNV GL shall hold exclusive intellectual property rights, including copyright, to any DNV GL Recommended Practice or other DNV GL service document (standard, guideline,
instruction etc) that is developed from or in connection with the Project and this Agreement, including, but not limited to, the right to publish, license, sell, further develop
and modify at its sole discretion. These exclusive rights also include the rights to any draft version of the DNV GL Recommended Practice or other DNV GL service document.

3.6. Regardless of anything to the contrary in this Agreement, DNV GL shall hold an unrestricted, perpetual right to use, process, compile, modify and further develop all
material, information and other intellectual property collected or disclosed throughout the Project or which arise from or in connection with the Project, including the
Deliverables, for the purpose of developing, maintaining and updating the DNV GL Recommended Practice and/or other DNV GL service documents.

3.7. This Agreement does not include or imply any right for a Party to use or refer to the trademarks, tradenames, logos or other distinctive features of the other Parties unless
otherwise set out herein or following from the context.

3.8. If patentable inventions or technical solutions (“Inventions”) are developed or come into existence in connection with the work, ownership to the Invention, including the
right to patent the Invention, shall be assigned as follows: (i) Inventions which are solely attributable to the project work of one of the Parties (including its employees,
contractors or suppliers) shall be owned by that Party; (ii) Inventions which for most practical purposes constitute a development or improvement of only one Party’s pre-
existing IPR, shall be owned by the Party holding the rights to the pre-existing IPR; (iii) Other inventions shall be the joint property of the Parties. The Party owning the
Invention shall cover necessary costs and expenses arising from applicable legislation governing inventor’s rights. The other Party or Parties shall give reasonable support
to any patent filing process. Such support shall be remunerated at an hourly basis. If one Party takes steps to acquire rights according to (i) and (ii) the other Parties shall
have a license to use the invention/technical solution after the filing of the patent application on market standard terms.

3.9. DNV GL is continuously improving its services to the industry to safeguard life, property and the environment. Companies acknowledge that DNV GL and their Affiliates shall
hold a right to use and process any information, data or databases generated or collected throughout the Project in an anonymized form, for their own competence building,
research or business purposes.

3.10. For the purposes of this Agreement, "Affiliates" means, in relation to a Party, any other entity which directly or indirectly controls, is controlled by, or is under direct or
indirect common control with, that Party from time to time, and "controls" means, in relation to a person, the direct or indirect ownership of more than 50 percent of the
voting capital or similar right of ownership of that person or the legal power to direct or cause the direction of the general management and policies of that person whether
through the ownership of voting capital, by contract or otherwise, and "controls" and "controlled" shall be interpreted accordingly.

4. Confidentiality

4.1. Subject to clauses 3.2 last sentence and 3.5, each Party agrees to keep confidential any information it receives from any other Party in course of the Agreement which by
denotation or reasonable circumstances is considered confidential to the disclosing Party. The recipient Party shall treat such received information with reasonable care and
diligence, not disseminating or disclosing it to third parties without the disclosing Party’s prior written consent, provided however that DNV GL may share such information
with its officers, employees, subsidiaries, Affiliates or subcontractors who are subject to confidentiality obligations reflecting the principles herein.

4.2. The obligations hereinabove shall not apply to the extent the information is required to be disclosed any competent court, governmental agency, or other relevant public
authority in accordance with applicable law, court order or other public regulation. In addition, each Party shall be free to disclose any information to the extent it: (i) was
known to the recipient prior to the information being disclosed by any other Party, or becomes known to the recipient through a third party without any confidentiality
obligation; (ii) becomes generally available in the public domain through no act or failure to act on the part of the recipient; (iii) the Parties agree in writing is not
confidential or may be dislosed; and (iv) is developed by or for the recipient Party independently of the information disclosed by the disclosing Party.

4.3. The obligations in this section shall survive the completion of the Work or termination of this Agreement and remain in effect for as long as the relevant information is
confidential.

5. Termination

5.1. This Agreement shall terminate in accordance with 1.2 above or upon unanimous decision by the Parties to terminate the Project.

5.2. A Party may withdraw from the Project before the end of the Project Period. However, the withdrawal shall not release the Party from its obligation to pay the participation
fee and/or contribute in kind or compensate for undelivered work-in-kind. The Party in question shall not hold any right to use Deliverables or other material disclosed or
arising from the Project.

5.3. The provisions of this Agreement shall remain in full force and effect if it can be reasonably established that from their nature or context they are meant to survive
termination of this Agreement.

6. Health, Safety and Environment (HSE)

The Parties shall employ reasonable standards for promoting health, safety and environmental sound working environments for their respective personnel and work sites.
The Parties shall inform each other without undue delay of (i) any actual or potential HSE risk which they are aware of and which is reasonably relevant to the performance
of the Work, and (ii) any of their implemented or planned measures against such risks that they require the other Parties’ personnel to adhere to.
 A Party’s personnel may refuse to carry out any activity, or visit any area or site, if in their sole discretion consider that relevant risks are unacceptable or not adequately
addressed, contained or otherwise mitigated. Any such decision shall suspend the Parties’ obligations, excluding the obligations to pay for performed Work, without any
liability or penalty until the Parties have agreed on how to proceed.

7. Indemnifications

7.1. EACH PARTY SHALL INDEMNIFY AND HOLD HARMLESS (AS THE INDEMNIFYING PARTY) THE OTHER PARTIES’ AND THE OTHER PARTIES’ AFFILIATES AND
SUBCONTRACTORS, AS WELL AS ITS AND THEIR EMPLOYEES AND OTHER REPRESENTATIVES (AS THE INDEMNIFIED PARTY), FROM AND AGAINST ALL CLAIMS, DAMAGES,
LOSSES AND EXPENSES IN RESPECT OF:

7.1.1. BODILY INJURY, SICKNESS, DISEASE, OR DEATH OF ANY OF THE INDEMNIFYING PARTY’S OR ITS AFFILIATES’ OR SUBCONTRACTORS’ EMPLOYEES OR
OTHER REPRESENTATIVES; AND

7.1.2. LOSS OF OR DAMAGE TO THE INDEMNIFYING PARTY’S OR ITS AFFILIATES’ OR SUBCONTRACTORS’ PROPERTY.

7.1.3. THE INDEMNIFYING PARTY’S INFRINGEMENT OF THIRD PARTY IPR

7.2. THE INDEMNITIES SET OUT IN THIS CLAUSE 7 SHALL APPLY HOWSOEVER ANY RELEVANT CLAIMS, DAMAGES, LOSSES OR EXPENSES MAY ARISE AND REGARDLESS
WHETHER UNDER CONTRACT, TORT (INCLUDING NEGLIGENCE) STRICT LIABILITY OR OTHERWISE, EXCEPT IF AND TO THE EXTENT CAUSED BY THE INDEMNIFIED
PARTY’S: (i) INTENTIONAL AND WILFUL ACT OR OMISSION WITH THE INTENT TO INFLICT DAMAGE OR INJURY OR (ii) ANY CIRCUMSTANCES FOR WHICH A PARTY MAY
NOT LAWFULLY LIMIT ITS LIABILITY UNDER THIS AGREEMENT’S APPLICABLE LAW.

7.3. Each Party shall notify the other Parties without undue delay upon becoming aware of any incident likely to give rise to a claim against the other Parties arising from or in
connection with this Agreement.

8. Limitation of liability

8.1. SUBJECT TO CLAUSE 7, EACH PARTY SHALL COVER ITS OWN COSTS AND RISKS RELATED TO OR ARISING FROM ITS PARTICIPATION IN THE PROJECT AND/OR FROM THE
USE AND/OR FURTHER DEVELOPMENT OF THE DELIVERABLES AND ANY DNV GL RP OR OTHER SERVICE DOCUMENT RELATED TO THE PROJECT, INCLUDING
INTERRUPTION OR LOSS OF USE, BUSINESS, CONTRACT OR REVENUE, LOSS OF GOODWILL, LOSS OF PROFIT OR ANTICIPATED PROFIT, LOSS OF PRODUCTION, WASTED
OVERHEAD, COST OF SUBSTITUTE EQUIPMENT, RECALL COSTS, DOWNTIME COSTS AND PRODUCT LIABILITIES.

8.2. TO THE EXTENT THIS AGREEMENT ALSO INCLUDES PROVISION OF SERVICES, INCLUDING APPROVAL IN PRINCIPLE, TECHNOLOGY QUALIFICATION OR OTHER SERVICES
DIRECTLY RELATED TO THE SCOPE OF WORK, FROM DNV, WHETHER REMUNERATED OR NOT, DNV GL’S MAXIMUM CUMULATIVE LIABILITY ARISING FROM OR IN
CONNECTION WITH THE PROVISION OF THESE SERVICES, WHETHER IN CONTRACT OR IN TORT, SHALL BE LIMITED TO 300.000 USD.

8.3. All claims arising from, or in connection with this Agreement against a Party, its affiliates, parent companies and subcontractors, or its and their employees and
representatives, shall be notified to the Party in writing without undue delay, and at the latest within 3 months from the date when the Party became, or should have
become, aware of such claim. Any claim notified later than twenty-four (24) months following the issuance of the relevant Deliverable, shall be precluded.

9. Force majeure and restrictions on trade

9.1. Neither Party shall be in breach of this Agreement, nor liable for any failure or delay in performance hereunder if the cause of such failure or delay is attributable to events
beyond reasonable control of the affected Party, including but not limited to armed conflict, terrorist attack, civil war, riots, toxic hazards, epidemics, natural disasters,
extreme weather, fire, explosion, failure of utility service, labour disputes, breakdown of infrastructures, sanctions, or any public restrictions following any of the incidents
above; or any other incidents beyond reasonable control (force majeure).

9.2. In the event of a force majeure occurrence, the affected Party shall notify the other Parties without undue delay of the particulars of the situation. Either Party shall be
entitled to terminate the Agreement with immediate effect should the force majeure endure for more than 30 days.

9.3. Each Party may terminate this Agreement, subject to 30 days written notice to the other Parties, without any liabilities or penalties, if the Party, its ultimate parent
company or its ultimate parent company’s subsidiaries or affiliates are subject to sanctions or penalties by a government, United Nations, European Union or similar
organisations related to the Work which is provided hereunder or would be considered to be illegal or in conflict with applicable law for the Party, its subcontractor and/or
its subcontractor’s parent companies.

10. Employees and Non-Solicitation

A Party shall not, without the prior written consent of the respective other Party, at any time from the Commencement Date to the expiry of 12 months after the date of
termination of this Agreement solicit or entice away from that Party or employ or attempt to employ any person who is, or has been, engaged as an employee of that Party
in relation to the Work.

11. Compliance

11.1. The Parties shall conduct their respective business activities in a fair, ethical, and lawful manner in accordance with generally accepted codes of conduct (including but not
limited to the DNV GL code of conduct), avoiding any unacceptable activities, including but not limited to acceptance of or acquiescence in extortion, bribery, use of child
labour, breach of human rights, or the imposition of unreasonable work conditions. The Parties shall comply with all applicable competition law requirements, and shall not
engage or be perceived as engaging in any exchange of information which may be perceived to be contrary to such requirements.

11.2. Each Party shall ensure that it complies with the requirements of all legislation and regulatory requirements in force from time to time relating to the use of personal data,
including, without limitation, the applicable data protection legislation.

12. Third Party rights

12.1. No one other than a Party to this Agreement, their successors and permitted assignees, shall have any right to enforce any of its terms. If applicable a person who is not
party to this Agreement has no rights under the UK Contracts (Rights of Third Parties) Act 1999 or similar legislation or background law to enforce or enjoy the benefit of
any term of this Agreement.

12.2. The rights of the Parties to rescind or agree any amendment or waiver under this Agreement are not subject to the consent of any other person.

13. No Partnership or Agency

13.1. Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership between any of the Parties, constitute any Party the agent of another Party, or
authorise any Party to make or enter into any commitments for or on behalf of any other Party.

14. Law and jurisdiction

14.1. This Agreement is drafted in the English language. If this Agreement is translated into any other language, the English language version shall prevail in case of
inconsistency.

14.2. This Agreement shall be governed and construed in accordance with the laws of Norway without regard to principles of conflicts of law.

14.3. Any dispute arising in relation to or as a consequence of this Agreement, which cannot be settled amicably through negotiations between the Parties, shall be brought
exclusively in the courts of Oslo.