SLB Secures Major EPC Contract for Baleine Phase 3 Offshore Côte d'Ivoire

Key Facts

In a move reflecting the accelerating pace of offshore energy investments in Africa, SLB has been awarded a major Engineering, Procurement, and Construction (EPC) contract for the Baleine Phase 3 development offshore Côte d'Ivoire. The contract covers an extensive scope of work to support the field's expansion, further cementing SLB's strategic partnership with Eni. This award also significantly reinforces the company's long-term offshore growth and subsea business backlog.

This award comes amid intensified activity in the region, following previous project phases where providers like TechnipFMC secured similar contracts for the Baleine field, which Eni identifies as Africa's first net-zero operational emissions project. Oilfield service companies are currently benefiting from increased capital expenditure by energy majors, as recent earnings reports from peers like Halliburton and Baker Hughes indicate a pivot toward international and offshore markets to offset slowing North American activity.

Regarding market performance, SLB shares closed at $47.76 (close July 10, 2026), with daily trading ranging between $47.33 and $48.04. Energy sector investors are now looking ahead to the upcoming EIA Weekly Petroleum Report, which could impact sentiment for oil services, alongside the release of the FOMC minutes later this week.