Schlumberger N.V. ( SLB ) shares are trading higher on Wednesday.

Today, the company announced a significant new contract with Petrobras .

The $800 million deal will see Schlumberger ( SLB ) provide integrated services across all offshore fields operated by the Brazilian oil giant, marking a significant expansion in their long-standing partnership.

The contract, awarded after a competitive tender, will see Schlumberger ( SLB ) oversee the construction of over 100 deepwater wells, utilizing cutting-edge technologies in drilling, cementing, and drilling fluids.

These services will be provided across the Campos, Santos, and Espírito Santo Basins, along with other Petrobras-operated fields.

The contract also includes operations in the Equatorial Margin, contingent upon the approval of exploration licenses, with the three-year contract set to begin in April 2025.

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Schlumberger’s commitment to local content is evident, with much of the technology and equipment to be deployed sourced from within Brazil.

The company has maintained a strong relationship with Petrobras for decades, and this contract further strengthens that partnership while introducing new technologies aimed at improving operational efficiency and environmental sustainability.

Technologies to be used under the contract include Schlumberger’s Ora intelligent wireline formation testing platform and SpectraSphere fluid mapping-while-drilling service.

These innovations are designed to optimize productivity, minimize risks, and reduce emissions, making Petrobras’ offshore operations safer and more efficient.

According to Benzinga Pro, SLB stock has lost over 16% in the past year. Investors can gain exposure to the stock via iShares U.S. Oil Equipment & Services ETF ( IEZ ) .

Price Action: SLB shares are trading higher by 0.49% to $41.07 at last check Wednesday.

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