SLB Jumps 11% Post Offshore Multi-Well EPC Contract Win From CNOOC

SLB N.V. SLB announced that its OneSubsea joint venture secured a multi-well engineering, production and construction (EPC) contract from China National Offshore Oil Corporation (‘’CNOOC’’) for a subsea development. Following the announcement, SLB shares rose 11% to $50.51 per share.

The deal covers 20 wells and includes the delivery of integrated subsea production systems for the Kaiping 18-1 deepwater field in the South China Sea.

As part of the contract, SLB OneSubsea will provide subsea production technology featuring dual electric submersible pumps, gas lift and injection trees, manifolds, connectors and control systems, along with commissioning services.

The standardized subsea architecture is designed to reduce complexity, improve operational efficiency and support future field expansions. Following collaborations with regional partners, the integrated delivery model is expected to shorten installation timelines and reduce offshore vessel requirements, supporting faster and more effective delivery for CNOOC.

These contracts highlight the rising adoption of standardized subsea solutions, improving efficiency in complex developments and strengthening SLB’s business model while supporting stronger cash flows and investor appeal.

SLB and other oilfield equipment and service companies like TechnipFMC plc FTI rely heavily on capital spending by upstream energy producers, which is strongly influenced by fluctuations in crude oil prices. FTI registered an ending backlog of $16.6 billion in 2025, 15.3% higher than the $14.4 billion recorded in 2024. SLB currently carries a Zacks Rank #3 (Hold), whereas FTI flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

As West Texas Intermediate crude prices are trading above $85 per barrel, according to Oilprice.com, players having presence in the upstream segment are operating in a favorable business environment. Forecasts from the U.S. Energy Information Administration suggest a price increase for 2026 from that reported in 2025, indicating a continued favorable business environment for Harbour Energy plc HBRIY and Eni S.p.A. E, both of which have a presence in upstream operations.

Harbour Energy gained a foothold in the U.S. Gulf of America in February 2026 with its $3.2-billion acquisition of LLOG Exploration Company LLC. HBRIY currently has a Zacks Rank #2 (Buy).

Since 2014, discoveries by Eni have exceeded 11 billion barrels of oil equivalent (BOE), including approximately 900 million BOE in 2025. E sports a Zacks Rank #1 at present.

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