SLB OneSubsea Wins EPC Contract for Eni's Baleine Phase 3 Offshore Cote d'Ivoire
SLB sits 53% above its 52-week low of $31.64.
Summary
SLB's OneSubsea unit has been awarded an engineering, procurement, and construction (EPC) contract for Eni's Baleine Phase 3 project offshore Cote d'Ivoire. The contract is a multi-well EPC contract. No financial terms were disclosed, but Phase 3 is a major development following earlier phases, signaling continued investment by Eni in the region. This win follows a series of positive operational announcements for SLB, including a seven-year contract with Kuwait Oil Company and a long-term agreement with Venezuela's PDVSA. The award demonstrates sustained demand for SLB's subsea capabilities despite broader industry challenges.
At the time of this announcement, SLB was trading at $48.36 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $71.4B. The 52-week trading range was $31.64 to $58.82. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.