The actions of Schlumberger N.V. (NYSE:SLB) are up on Wednesday.
Today, the company announced the signing of a major new contract with Petrobras (NYSE:PBR).
The contract, worth $800 million, will see Schlumberger provide integrated services across all offshore fields operated by the Brazilian oil giant, marking a significant expansion of their long-standing partnership.
The contract, awarded after a competitive tender, will see Schlumberger oversee the construction of more than 100 deepwater wells, using cutting-edge drilling, cementing and drilling fluid technologies.
These services will be provided in the Campos, Santos and Espírito Santo basins, as well as other fields operated by Petrobras.
The contract also includes operations in the Equatorial Margin, subject to approval of exploration licenses, with the three-year contract expected to begin in April 2025.
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Schlumberger’s commitment to local content is evident, as much of the technology and equipment to be deployed will come from Brazil.
The company has enjoyed a strong decades-long relationship with Petrobras, and this contract further strengthens that partnership while introducing new technologies aimed at improving operational efficiency and environmental sustainability.
Technologies to be used in the contract include Schlumberger’s Ora intelligent cable training test platform and SpectraSphere fluid mapping service.
These innovations are designed to optimize productivity, minimize risks and reduce emissions, making Petrobras’ offshore operations safer and more efficient.
Depending on Benzinga ProSLB stock has lost more than 16% over the past year. Investors can invest in the stock via the iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ).
Price movement: At last check on Wednesday, the stock was up 0.49% at $41.07.
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