Equinor awards multi-year deal for NCS well stimulation vessel

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.

Equinor reported Q2 adjusted operating income up more than 75% year over year, attributing most of the increase to higher oil and gas prices linked to the Middle East conflict, according to the Wall Street Journal. The company also increased its share buyback program. The article also cites Iberdrola’s planned $2.3 billion purchase of 80% of Finland’s Caruna Group.

Growing conflict in the Middle East has significantly altered global energy trading channels in 2026, leading to a steep gap between vulnerable producers and protected operators. Equinor ASA (NYSE:EQNR) emerged as a key beneficiary of this geopolitical tension during the second quarter, with its average realized crude oil price rising significantly to $97.90 per barrel, up from $63 per barrel the previous year.

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%.