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Halliburton (HAL) Gets Well Construction Project in Malaysia

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Halliburton Company (HAL - Free Report) has been awarded an offshore integrated contract by Sapura Drilling to operate as a technical partner for a well construction project off the coast of Malaysia.

Sapura Drilling is a wholly-owned subsidiary of Sapura Energy, a leading integrated oil and gas services and solutions provider operating across the entire upstream value chain.

Halliburton and offshore drilling contractor Sapura Drilling will carry out an Integrated Rig Drilling Completion (i-RDC) contract for a six-well offshore well construction project. The i-RDC services contract implements a similar concept to an Engineering, Procurement, Construction, Installation and Commissioning contract, wherein a single solutions partner is assigned and accountable for delivering the entire offshore drilling project.

Along with Sapura Drilling and Petronas Carigali Sdn Bhd, Halliburton will deploy its Halliburton 4.0 digital platform to improve efficiency in operations. Halliburton 4.0 is a breakthrough in performance, time efficiency, cost savings and possibilities for the new energy industry.

Halliburton will implement the complete series of Digital Well Program, Digital Well Operations, Digital Well Automation and all DecisionSpace 365 cloud applications. The contract also involves digital technologies from Sperry Drilling, Cementing, Drill Bits, Baroid and Completions product lines.

Per Halliburton, the campaign is the first integrated project of its kind in Malaysia, which incorporates rig services with all aspects of planning, operations and automation. The uniquely integrated nature of the contract enables Halliburton to synergistically deploy its advanced Halliburton 4.0 digital platform to its fullest potential to obtain a step-change improvement in operational efficiency.

Company Profile & Price Performance

Headquartered in Houston, TX, Halliburton is one of the largest oilfield service providers.

Shares of the company have underperformed the industry in the past three months. Its stock has lost 11.3% compared with the industry’s 5.4% decline.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

Zacks Rank & Stocks to Consider

The company currently carries a Zack Rank #3 (Hold).

Some better-ranked players in the energy space are APA Corporation (APA - Free Report) and Chevron Corporation (CVX - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and Range Resources Corporation (RRC - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, the Zacks Consensus Estimate for APA’s 2021 earnings has been raised by 41%.

Chevron’s earnings for 2021 are expected to increase 12.1% year over year.

Range Resources’ earnings for 2021 are expected to rise 27.5% year over year.