SLB announced a $1.5 billion, five‑year integrated development contract with Kuwait Oil Company for the Mutriba field, a high‑pressure, high‑temperature reservoir that contains up to 40 % H₂S. The agreement covers design, development, and production management and is the largest contract SLB has secured in the Middle East in recent years.
The Mutriba field, discovered in 1957 and beginning commercial production in September 2025, has long been a technical benchmark for sour‑water operations. SLB’s prior work on the field’s Long‑Term Testing Facility demonstrates its capability to manage the extreme conditions, and the new contract builds on that subsurface expertise to provide end‑to‑end services from reservoir evaluation to production optimization.
Strategically, the deal reinforces SLB’s pivot away from cyclical drilling services toward high‑margin production‑systems and digital solutions. By securing a steady, long‑term revenue stream, the contract supports the company’s goal of reducing commodity‑sensitive exposure and expanding its digital footprint in complex reservoirs.
Financially, the contract is a material addition to SLB’s pipeline. The five‑year agreement is expected to generate predictable revenue that will bolster the production‑systems division, which already delivered a $9.75 billion revenue in Q4 2025 and a $35.71 billion full‑year revenue in 2025. Management has guided 2026 revenue to $36.9–$37.7 billion and adjusted EBITDA to $8.6–$9.1 billion, reflecting confidence in continued growth and margin expansion.
Management highlighted the partnership’s depth: “This award reflects the strength of our long‑standing partnership with Kuwait Oil Company and the trust built over decades of working together,” said Steve Gassen, SLB’s executive vice president of geographies. “As development of the Mutriba field moves into its next stage, we are taking on end‑to‑end responsibility to support safe, reliable execution in complex reservoir conditions.”
The contract’s technical complexity and long‑term nature position SLB to capture higher‑margin work in a region where demand for integrated delivery models is rising, strengthening the company’s competitive advantage in the global oilfield services market.
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