Back to top

Image: Bigstock

Halliburton Clinches Nine Offshore Contracts in Senegal

Read MoreHide Full Article

Halliburton Company (HAL - Free Report) recently announced that it received nine subsea contracts from Australia-based Woodside Petroleum. These contracts were awarded for the SNE Field Development Phase 1 Offshore Senegal.

The contract win calls for Halliburton’s drilling and completion of 18 wells with an option to include up to another eight over an expected three-four year period. It would encompass activities like drilling, logging, cementing, lower completions, e-line/slick line, coiled tubing and well-testing services among others.

The world's second-largest oilfield services company after Schlumberger (SLB - Free Report) promised to invest in Senegal through local resourcing — from employing staff to suppliers — in addition to the scope of this contract.

The Woodside award builds on the December 2018 conditional contract that was for drilling and completion of fuel services. Prior to Senegal’s contract, Halliburton was conferred with contracts from Petrobras (PBR - Free Report) and Royal Dutch Shell (RDS.A - Free Report) earlier this year.

The SNE Field Development Phase 1 drilling campaign, which is expected to start in late 2020 or early 2021, will lay its initial engineering work at the end of this year in Perth, Australia and later shift to Dakar, Senegal in 2020.

The Halliburton contracts will provide services to Senegal’s first offshore deep-water oil development. The project will be operated by Woodside Petroleum that holds 35% of the stake while its partnerships in this field include Carin with 40%, FAR with 15% and Petrosen with 10% interests.

The financial cost of the contract has been kept under wraps by Halliburton. Moreover, the contracts are contingent on Woodside’s positive SNE Field Development FID and final investment decisions.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>

Published in