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    The Bull Case For SLB (SLB) Could Change Following Baleine Phase 3 Subsea Award And New Hubs

    Simply Wall St·07/13/2026 22:22:10
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    • SLB OneSubsea was awarded a major multi-well EPC contract by Eni for Phase 3 of the deepwater Baleine project offshore Côte d’Ivoire and, alongside this, SLB has expanded its advanced manufacturing footprint in Shreveport and committed to a new innovation facility in Kuwait.
    • Together, these developments highlight SLB’s growing role in complex offshore production systems, large-scale manufacturing, and long-horizon technology partnerships across diverse energy markets.
    • We’ll now explore how SLB’s Baleine Phase 3 subsea award shapes the investment narrative built around international growth, digital technologies and diversification.

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    SLB Investment Narrative Recap

    To own SLB, you need to believe the company can turn its global scale, subsea depth and digital capabilities into steadier earnings, even as traditional oilfield spending stays cyclical. The Baleine Phase 3 subsea award, together with expanding manufacturing in Shreveport and the Kuwait innovation facility, supports the near term narrative around international, offshore and production focused work. It does not remove key risks around cyclicality, integration of ChampionX and exposure to politically sensitive markets.

    Among the latest announcements, the seven year Ahmadi Innovation Valley agreement with Kuwait Oil Company looks most aligned with this story. It reinforces SLB’s push into higher margin digital, AI and production optimization solutions that can complement hardware intensive offshore awards like Baleine. For investors watching SLB’s catalysts, this combination of long dated technology partnerships and complex offshore EPC work is central to how the business mix could evolve.

    Yet against these strengths, investors should be aware of how concentrated exposure to volatile regions and structurally shifting energy policies could...

    Read the full narrative on SLB (it's free!)

    SLB's narrative projects $42.2 billion revenue and $5.6 billion earnings by 2029.

    Uncover how SLB's forecasts yield a $61.39 fair value, a 30% upside to its current price.

    Exploring Other Perspectives

    SLB 1-Year Stock Price Chart
    SLB 1-Year Stock Price Chart

    Some of the most pessimistic analysts were only assuming about US$39.1 billion of revenue and US$4.8 billion of earnings by 2029, so this new Baleine and Kuwait activity could eventually push those cautious views to adjust, especially if you compare them with the more optimistic narrative around digital growth and margin resilience.

    Explore 7 other fair value estimates on SLB - why the stock might be worth just $49.71!

    Reach Your Own Conclusion

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

    • A great starting point for your SLB research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
    • Our free SLB research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate SLB's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.