SLB Stock Gains 11% on CNOOC 20-Well Subsea Contract

SLB Stock Climbs 11% on Major CNOOC Contract Win

Shares of energy technology company SLB jumped 11% on March 25, 2026, after it secured a significant subsea engineering, procurement, and construction (EPC) contract from China National Offshore Oil Corporation (CNOOC). The deal covers the development of 20 wells for the Kaiping 18-1 field, a deepwater project located in the South China Sea. The sharp positive stock reaction reflects investor confidence in SLB's ability to win large-scale, high-value projects in the competitive offshore market.

Integrated Systems for Kaiping 18-1 Signal Operational Edge

The contract, awarded to SLB's OneSubsea division, centers on the deployment of integrated and standardized subsea production systems. This technology package includes dual electric submersible pump (ESP) systems, horizontal trees, manifolds, connectors, and advanced control systems. By using a standardized architecture, SLB aims to reduce project complexity, shorten installation timelines, and lower operational costs for CNOOC. The scope also includes installation and commissioning support, providing an end-to-end solution.

This award highlights the continued adoption of our standardized subsea systems, and the efficiency gains they can deliver on complex multi well projects.

— Mads Hjelmeland, Chief Executive Officer of SLB OneSubsea

Deal Deepens CNOOC Partnership and Regional Footprint

This agreement strengthens the ongoing collaboration between SLB and CNOOC in developing offshore energy resources. A key component of the project execution involves working with regional partners, which will support in-country manufacturing and bolster local supply-chain capabilities in China. This approach not only enhances delivery efficiency but also strategically positions SLB for future subsea developments in the region, demonstrating its commitment to local integration alongside its technological expertise.