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A sizable EPC award from a major client expands SLB's backlog and provides visibility into multiyear revenue, supporting sentiment and potential multiple-year deliverables from OneSubsea. While not a near-term earnings splash, it validates SLB's competitive advantage in subsea systems and entry into a high-profile project.
What happened, with direct paths to the underlying reporting
SLB announced its OneSubsea JV secured a major EPC contract from Eni for Phase 3 of the Baleine deepwater project, delivering SPS for 13 wells offshore Côte d'Ivoire. The award strengthens SLB's subsea leadership and expands its project backlog, indicating potential multiyear revenue and margin opportunities as the project progresses.
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