EL7.AI
StocksMedium•25 March 2026•
1 min read

SLB Shares Surge 11% Following Major Subsea Contract Win from China's CNOOC

Key Facts

1SLB secured a 20-well subsea Engineering, Procurement, and Construction (EPC) contract from China's CNOOC.
2The project will be deployed in the South China Sea, focusing on integrated systems for enhanced efficiency.
3SLB shares jumped 11% following the announcement of the contract win.

SLB, formerly Schlumberger, has secured a significant subsea Engineering, Procurement, and Construction (EPC) contract from China’s CNOOC. The agreement covers the development of 20 wells in the South China Sea, utilizing integrated systems to maximize operational efficiency. Following the announcement, SLB shares experienced a sharp 11% increase, reflecting strong investor confidence in the company's growing backlog. This deal underscores SLB’s technological leadership in the offshore services sector and its ability to secure large-scale international projects despite geopolitical complexities. Analysts view the contract as a major win that provides long-term revenue visibility for the oilfield services giant. The project highlights the ongoing global demand for advanced subsea infrastructure in deepwater energy exploration.