SLB secured a suite of offshore drilling services contracts from Mubadala Energy for the Tangkulo natural‑gas deepwater development in the Andaman Sea, Indonesia. The contracts cover the full well life cycle, including directional drilling, drilling fluids, cementing, wireline, slickline, coiled tubing, well testing, mud logging, and upper and lower completions.
The award positions SLB to provide integrated drilling and well services across the entire project, leveraging its deepwater technologies and real‑time downhole monitoring to reduce operational risk and improve well placement. The partnership is expected to strengthen SLB’s presence in Southeast Asia and support the first gas production target slated for the end of 2028.
The contract win adds a significant multi‑year revenue stream for SLB and underscores the company’s continued ability to secure large, complex offshore projects in a competitive market. It is a key milestone in SLB’s strategy to expand its offshore service portfolio and reinforce its position as a leading provider of deepwater drilling solutions.
The Tangkulo project is a cornerstone of Mubadala Energy’s Southeast Asia portfolio, with potential for over 2 TCF of gas in place. The award highlights the continued demand for integrated service delivery in complex deepwater environments, a trend that SLB is well positioned to capitalize on.
SLB’s recent financial performance provides context for the win. In Q4 2025, the company reported revenue of $9.75 billion, beating estimates, and EPS of $0.78, also above expectations, although net income fell from the prior year. The acquisition of ChampionX contributed significantly to revenue and operating income, and the company guided for $2.5 billion of capital investment in 2026 while planning to return more than $4 billion to shareholders.
As of December 31 2025, SLB held $4.2 billion in cash and short‑term investments against $9.7 billion of long‑term debt, maintaining a strong balance sheet that supports continued investment in deepwater capabilities and low‑carbon businesses, which are on pace to exceed $1 billion in revenue in 2025.
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