Schlumberger Unit in $200M Deal - Analyst Blog
24 Outubro 2012 - 12:45PM
Zacks
Schlumberger
Limited’s (SLB) subsidiary Framo Engineering entered into
a $200 million contract with Total E&P Angola, wholly-owned
subsidiary of Total SA (TOT).
Per the deal, Framo Engineering will deliver subsea multiphase
pumping system for the Girassol Resources Initiatives (GirRI)
Project. The pump system will be installed in Block 17, offshore
Angola at a water depth of 4,429 feet. It will augment the rates
for two production flow loops.
The agreement also includes two subsea pump modules and a full
system of topside power and control. The multiphase pump system
incorporates the latest helico-axial technology. It can record
differential pressure of up to 120 bar.
This is Schlumberger’s third contract with Total E&P Angola for
its Block 17 asset.
Assembling and testing of the system will be done at Framo
Engineering’s advanced test facility at Horsoy, Norway. It is
expected that the pump system will be delivered in summer of
2014.
Earlier in August, Framo Engineering won a $100 million contract
from A/S Norske Shell — subsidiary of Royal Dutch Shell
plc (RDS.A) for supply of booster pump system for its
Draugen Field in Norway.
Houston, Texas-based Schlumberger Limited is a leading oilfield
services company, providing technology, project management and
information services to the global oil and gas industry.
We believe Schlumberger will benefit in the next several quarters
from its strong product and services portfolio. We also believe the
company is favorably positioned to benefit from current trends in
oilfield services, given improving activity levels and greater need
for stimulation and completion of services in North America.
However, seasonal and adverse weather conditions, such as
hurricanes in the Gulf of Mexico and extreme winter conditions in
the U.S., Canada, Russia, and the North Sea, may adversely affect
demand for the company’s services and operations.
Hence, we maintain our long term Neutral recommendation on the
stock.
ROYAL DTCH SH-A (RDS.A): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
TOTAL FINA SA (TOT): Free Stock Analysis Report
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