Schlumberger's OneSubsea Lands Key Contract With BP To Power Deepwater Kaskida Project: Details
Portfolio Pulse from Lekha Gupta
Schlumberger's OneSubsea has secured a contract with BP for a subsea boosting system in the Kaskida project, marking a significant collaboration milestone. Despite this, Schlumberger's shares fell 2.38% following a revenue miss in Q3. Investors can access Schlumberger through ETFs like VanEck Oil Services ETF and iShares U.S. Oil Equipment & Services ETF.
October 29, 2024 | 5:33 pm
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POSITIVE IMPACT
BP collaborates with Schlumberger's OneSubsea for the Kaskida project, marking a significant step in their Paleogene field development.
The partnership with Schlumberger for the Kaskida project is a strategic move for BP, potentially enhancing their field development and production capabilities.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
iShares U.S. Oil Equipment & Services ETF, which includes Schlumberger, might face short-term fluctuations due to SLB's stock decline after a revenue miss.
IEZ holds Schlumberger, and the decline in SLB's stock price could affect the ETF's short-term performance.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
VanEck Oil Services ETF, which includes Schlumberger, may see short-term volatility due to SLB's stock price drop following a revenue miss.
OIH includes Schlumberger, whose stock price drop may impact the ETF's performance in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Schlumberger's OneSubsea JV secured a contract with BP for a subsea boosting system, but SLB shares fell 2.38% after missing Q3 revenue expectations.
The contract with BP is a positive development, but the immediate market reaction is negative due to the Q3 revenue miss, leading to a 2.38% drop in SLB's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90