From NASDAQ.: 2024-12-12 11:26:00

Petrobras S.A. (PBR) has secured an $800 million contract with SLB for maintenance of its offshore fields in Brazil. SLB will manage construction of over 100 deepwater wells, part of Petrobras’ strategy to optimize production and explore new areas like the Equatorial Margin. Petrobras plans to invest $77 billion in exploration and production activities.

SLB may support Petrobras in the Equatorial Margin pending license approval. Petrobras aims to boost exploration and production in the region, starting the contract in April 2025 for three years. Petrobras recently announced a 2025-2029 Business Plan with increased investment in E&P activities to ensure future production sustainability.

PBR holds a Zacks Rank #3, while SLB has a Zacks Rank #4. Notable energy stocks with a Zacks Rank #2 include FTI and NINE. TechnipFMC plc boasts a strong backlog, indicating potential revenue growth. Nine Energy Service, operating in key U.S. basins, is positioned for growth with the rising demand for oil and gas.

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Read more at NASDAQ.: Petrobras Awards Major Offshore Contract to SLB Worth $800 Million