SLB to upgrade well stimulation vessel under Equinor agreement

Stelar Metals (ASX:SLB) said it received an Authority Certificate from the Aboriginal Areas Protection Authority for its Hill of Leaders tungsten project, completing statutory approvals for first RC drilling. The company plans up to 3,500m of drilling in about three weeks, targeting bedrock beneath historic workings and recent surface samples up to 15.69% WO3.

Equinor and SLB signed a multi-year reservoir stimulation services deal for Norway’s NCS. The agreement upgrades SLB’s well stimulation vessel Island Captain to be fully proppant-capable, adding proppant storage, handling and blending systems, higher pumping capacity, and deck changes. After conversion, it can carry up to 2 million pounds of proppant, supporting high-intensity treatments for tight reservoirs.

SLB and Equinor signed a multi-year reservoir stimulation services agreement for Norway’s Norwegian Continental Shelf. The deal includes upgrading SLB’s MV Island Captain to a fully proppant-capable vessel, with expanded storage, handling and blending, higher pumping capacity, and deck changes. After conversion it can carry up to 2 million pounds of proppant to support high-intensity treatments.

SLB says it has completed its acquisition of Norway-based HydraWell Intervention AS, which develops plug and abandonment (P&A) and well integrity remediation technology. SLB will add HydraWell’s perforate, wash and cement (PWC) approach, designed to form rock-to-rock barriers without milling or casing retrieval, to expand SLB’s intervention and decommissioning offerings as well decommissioning demand grows.

SLB said first-quarter profit fell as war-related disruptions in the Middle East led it to reduce oilfield services activity. The company cited demobilization in some countries and lower Middle East and Asia revenue, down 10% to $2.69 billion, including force majeure in Qatar and operational constraints in Iraq and offshore. Shares fell more than 4% before the bell, Reuters reported.

Valued at a market cap of $74.7 billion, SLB N.V. (SLB) is one of the world's largest energy technology companies. The Houston, Texas-based company provides products, software, and services that help oil and gas companies discover, drill, develop, and produce energy resources more efficiently. SLB has emerged as one of the energy sector's standout performers over the past year. Shares of SLB have soared 37.4% over this time frame, while the broader S&P 500 Index ($SPX) has gained 14.8%.