SLB OneSubsea Wins BP EPC Contract for Thunder Horse Project

Key Facts

As major energy players focus on maximizing efficiency from existing fields, SLB OneSubsea has secured a significant Engineering, Procurement, and Construction (EPC) contract from BP. The agreement tasks SLB with providing a subsea boosting system for the Thunder Horse project in the deepwater Gulf of Mexico. This contract aims to extend production from existing assets while utilizing standardized solutions to expedite delivery times and enhance recovery rates.

This partnership comes amid rising demand for deepwater technologies in the oil services sector, with SLB previously reporting an 18% year-over-year growth in international revenue during Q1 2024 according to its earnings filings. For its part, BP continues its strategic investment in the Gulf of Mexico, a move mirrored by peers like Shell, which is also prioritizing subsea tie-back technologies to reduce capital expenditure per market data.

In the markets, SLB shares stood at $56.18, while BP closed at $42.78 (close June 12, 2026). Energy investors are currently weighing the outcomes of the recent OPEC Meeting on crude prices, while monitoring technical support levels for SLB near its recent low of $55.69 based on pre-fetched market data.