SLB OneSubsea picks up subsea deal for Aker BP's North Sea project
SLB’s OneSubsea joint venture won a contract from Aker BP to supply subsea production systems for the Lyra oilfield in the Norwegian North Sea. The project aims to produce 37m barrels of oil equivalent, with first oil expected in early 2028. Aker BP holds a 45% stake, DNO 40%, and Concedo 15%. Development costs are estimated at $20-$25 per barrel.
How this was made
The 30-second read
Why it matters
The contract adds to SLB's order book and may improve its revenue guidance, especially as the oilfield targets 20,000 boepd production.
Market read
A new subsea contract for a major offshore service firm, potentially supportive for SLB's stock and the broader offshore services sector.
What to watch
Potential delays in Lyra field development or broader oil price weakness could dampen impact.
Background
SLB (Schlumberger) operates the OneSubsea joint venture, providing subsea production equipment. Aker BP is developing the Lyra oilfield in the Norwegian North Sea.
Ticker impact
SLB's OneSubsea JV secured a new subsea production systems contract for Aker BP's Lyra field in the North Sea.
likely upside as market prices in the contract win
First report of a sizable subsea contract; investors typically reward order wins for service firms.
Market effects
Strengthens outlook for offshore services sector and may lift peers.
Positive for European offshore oil service market.
Modest; limited to energy services investors.
Counterpoint
If the contract value is modest or execution risks rise, the win may not translate into near‑term price gains.
Key entities
- CompanySchlumberger
Oilfield services provider, ticker SLB.
- CompanyAker BP
Norwegian oil and gas operator developing the Lyra field.
