We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SLB OneSubsea Wins EPC Contract for Equinor's Fram Sor Project
Read MoreHide Full Article
Key Takeaways
SLB OneSubsea won an EPC contract from Equinor for the Fram Sor offshore Norway project.
The award includes four subsea templates and 12 all-electric subsea trees.
Fram Sor ties back to Troll C platform, enabling ultra-low emissions production.
SLB (SLB - Free Report) , through its OneSubsea joint venture, has been awarded a major engineering, procurement, and construction (EPC) contract by Equinor ASA (EQNR - Free Report) for the Fram Sør field development offshore Norway. The project marks a milestone in subsea electrification, with the deployment of the industry’s first large-scale, all-electric subsea production system.
Following a year-long Front-End Engineering Design (FEED) phase, carried out jointly with Equinor, the award covers the delivery of four subsea templates and 12 all-electric subsea trees. By eliminating the need for hydraulic fluid from the host platform, the system will minimize topside modifications, reduce complexity and free up additional space for potential expansion projects.
Mads Hjelmeland, CEO of SLB OneSubsea, emphasized that the Fram Sør project represents a breakthrough for the subsea industry. As the first large-scale all-electric subsea production system, it demonstrates how electrified solutions can significantly reduce topside requirements, enable large-scale tiebacks, and unlock additional marginal resources, thanks to their smaller footprint and streamlined operations.
The Fram Sør development will be tied back to the Troll C platform in the North Sea, which benefits from power supplied via the Norwegian mainland. This setup provides production with ultra-low emissions, while enhancing energy security for Europe through continued supplies from the Norwegian continental shelf.
The EPC contract remains subject to regulatory approval of Equinor’s Plan for Development and Operations. Once sanctioned, Fram Sør is expected to serve as a blueprint for future low-emission, electrified subsea tiebacks, reinforcing SLB OneSubsea’s position as a technology leader in subsea production.
SLB’s Zacks Rank and Key Picks
SLB currently carries a Zacks Rank #5 (Strong Sell).
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company prioritizes debt reduction by effectively utilizing free cash flow after dividends. Antero Midstream’s higher dividend yield compared to its sub-industry peers reflects its commitment to generating shareholder returns.
AM’s earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 1.13%.
Precision Drilling is an oilfield services company. The company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, and procures and distributes oilfield supplies.
PDS’ earnings beat estimates in two of the trailing four quarters and missed in the other two, delivering an average surprise of 977.7%. The Zacks Consensus Estimate for 2025 earnings indicates a 14.2% year-over-year decline.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SLB OneSubsea Wins EPC Contract for Equinor's Fram Sor Project
Key Takeaways
SLB (SLB - Free Report) , through its OneSubsea joint venture, has been awarded a major engineering, procurement, and construction (EPC) contract by Equinor ASA (EQNR - Free Report) for the Fram Sør field development offshore Norway. The project marks a milestone in subsea electrification, with the deployment of the industry’s first large-scale, all-electric subsea production system.
Following a year-long Front-End Engineering Design (FEED) phase, carried out jointly with Equinor, the award covers the delivery of four subsea templates and 12 all-electric subsea trees. By eliminating the need for hydraulic fluid from the host platform, the system will minimize topside modifications, reduce complexity and free up additional space for potential expansion projects.
Mads Hjelmeland, CEO of SLB OneSubsea, emphasized that the Fram Sør project represents a breakthrough for the subsea industry. As the first large-scale all-electric subsea production system, it demonstrates how electrified solutions can significantly reduce topside requirements, enable large-scale tiebacks, and unlock additional marginal resources, thanks to their smaller footprint and streamlined operations.
The Fram Sør development will be tied back to the Troll C platform in the North Sea, which benefits from power supplied via the Norwegian mainland. This setup provides production with ultra-low emissions, while enhancing energy security for Europe through continued supplies from the Norwegian continental shelf.
The EPC contract remains subject to regulatory approval of Equinor’s Plan for Development and Operations. Once sanctioned, Fram Sør is expected to serve as a blueprint for future low-emission, electrified subsea tiebacks, reinforcing SLB OneSubsea’s position as a technology leader in subsea production.
SLB’s Zacks Rank and Key Picks
SLB currently carries a Zacks Rank #5 (Strong Sell).
Investors interested in the energy sector may look at a couple of better-ranked stocks like Antero Midstream Corporation (AM - Free Report) and Precision Drilling Corporation (PDS - Free Report) , both carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company prioritizes debt reduction by effectively utilizing free cash flow after dividends. Antero Midstream’s higher dividend yield compared to its sub-industry peers reflects its commitment to generating shareholder returns.
AM’s earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 1.13%.
Precision Drilling is an oilfield services company. The company provides contract drilling, well servicing and strategic support services to the oil and gas industry in North America and internationally. It provides land drilling, directional drilling, turnkey drilling, camp and catering services, and procures and distributes oilfield supplies.
PDS’ earnings beat estimates in two of the trailing four quarters and missed in the other two, delivering an average surprise of 977.7%. The Zacks Consensus Estimate for 2025 earnings indicates a 14.2% year-over-year decline.