Schlumberger's OneSubsea Lands Key Contract With BP To Power Deepwater Kaskida Project: Details

Schlumberger N.V. SLB shares are trading lower on Tuesday. The company disclosed that its OneSubsea joint venture won a contract from BP p.l.c. BP for a subsea boosting system as part of the greenfield development of the Kaskida project in the deepwater U.S.

This contract signifies an important achievement in the enduring collaboration between SLB OneSubsea and BP, as it is their inaugural engineering, procurement, and construction (EPC) agreement for a subsea boosting system.

The project involves a supplier-led high-pressure subsea pump solution, featuring an integrated power and controls umbilical, as well as the requisite topside equipment.

The OneSubsea subsea boosting system is a crucial technology for bp’s inaugural Paleogene field development.

It will provide the necessary artificial lift to optimize production by enhancing reserve recovery while minimizing energy consumption.

This month, SLB reported revenue growth of 10.2% year over year to $9.159 billion, missing the consensus of $9.25 billion. Adjusted EPS increased 14% to 89 cents, above the consensus of 88 cents.

Investors can gain exposure to SLB via VanEck Oil Services ETF OIH and IShares U.S. Oil Equipment & Services ETF IEZ.

Price Action: SLB shares are down 2.38% at $40.41 at the last check Tuesday.

Photo via Shutterstock

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