Halliburton Wins Five-Year Contract From Repsol UK for North Sea Ops

Halliburton Company HAL has secured a significant five-year contract from Repsol, S.A.’s REPYY UK affiliate Repsol Resources to support the full well lifecycle on platform assets in the UK North Sea.

This contract presents a major opportunity for Halliburton to enhance its revenue streams and reinforce market presence in the North Sea. Its long-term scope offers financial stability and opens the door for potential future collaborations with Repsol Resources UK.

Taking a Look Into the Contract

Under the contract, Halliburton, currently carrying Zacks Rank #4 (Sell), will provide subsurface technology, drilling and completion services, and advanced digital solutions, forming the backbone of Repsol's ongoing development and decommissioning strategy in the region. As a part of this collaboration, Halliburton will also implement a rigless intervention framework that aims at optimizing well construction, production and intervention. This approach is designed to streamline and maximize plug and abandonment operations, contributing to safer, more efficient well decommissioning across Repsol’s North Sea assets.

The "rigless intervention framework" refers to methods that enable well intervention without deploying a full-sized drilling rig. It leverages specialized technologies and techniques to access and modify downhole conditions within the well.

Strategic Partnership for Future Energy Goals

The partnership reflects a strategic milestone and a shared commitment between both companies to unlock the remaining potential of the UK North Sea. Both companies aim to set an industry benchmark for innovation and economic value, aligning technology-driven services with long-term energy transition and sustainability goals.

The partnership lays emphasis on innovation and economic growth and reflects the industry’s push for more efficient and sustainable operations. This contract may pave the way for future collaborations, highlighting the critical role of technology in managing the well lifecycle and advancing decommissioning efforts.

Key Picks

Investors interested in the energy sector might look at some better-ranked stocks like Flotek Industries, Inc. FTK and Global Partners LP GLP. Both Flotek Industries and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2025 earnings indicates 55.88% year-over-year growth.

Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. GLP owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners’ 2025 earnings indicates 17.84% year-over-year growth.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research