Global energy technology company SLB (NYSE: SLB) slipped Thursday, on news it has been awarded multiple offshore drilling services contracts by Mubadala Energy, the Abu Dhabi headquartered international energy company, for the Tangkulo natural gas deepwater development and associated exploration and appraisal drilling activities in the Andaman Sea, offshore Indonesia.
Under the awards, SLB will work with Mubadala Energy to deliver integrated drilling and well services across the full well life cycle. The scope includes directional drilling, drilling fluids, cementing, wireline, slickline, coiled tubing, well testing, mud logging and upper and lower completions. The integrated model is designed to streamline execution while enhancing safety, reliability and operational performance.
“This contract award reflects Mubadala Energy’s strategic vision to develop Indonesia’s offshore resources responsibly and efficiently,” said Abdulla Bu Ali, president director, Mubadala Energy Indonesia.
“Through this partnership, we will deploy advanced drilling technologies to support safe, efficient execution and delivery of first gas anticipated by end of 2028. The Tangkulo field is a cornerstone project in our Southeast Asia portfolio and underscores our role in supporting Indonesia’s long-term energy security and economic growth.
“The project,” read this morning’s news release, “will leverage SLB’s offshore and deepwater technologies, including real-time downhole monitoring, to reduce operational risk, improve well placement and strengthen project economics.”
SLB lost 14 cents in the first few minutes of trading to $51.40.
