SLB (NYSE:SLB) shares rose on Tuesday after securing a five-year, $1.5 billion contract with Kuwait Oil Company for the Mutriba field.
The agreement covers field design, development, and production management, leveraging SLB’s subsurface expertise in complex, high-pressure, high-temperature reservoirs.
The project focuses on accelerating development while emphasizing cost efficiency, environmental responsibility, and integrated delivery models to reduce execution risk.
Oman Contract
Last month, SLB won two five-year contracts from Petroleum Development Oman (PDO) to deliver wellheads and artificial lift solutions for Block-6, Oman's largest oil and gas concession, while promoting in-country value (ICV).
The agreements cover the supply of low-pressure, high-pressure, and thermal wellheads, along with electric submersible pumps (ESPs) and progressive cavity pumps (PCPs).
Recent Earnings Release
Last month, the company reported fourth-quarter revenue of $9.745 billion, beating the $9.547 billion analyst estimate, and EPS, excluding charges and credits, was 78 cents, down from 92 cents a year earlier but ahead of the 74-cent estimate.
Price Action: SLB shares are up 2.00% at $49.03 premarket at the last check on Tuesday.
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