SLB announced a five‑year agreement with Saudi Aramco to provide advanced stimulation, well intervention, frac‑automation, and digital solutions for the company’s unconventional gas fields. The deal, signed on December 23, 2025, is part of a multi‑billion‑dollar program aimed at expanding Saudi Arabia’s unconventional gas production capacity under Vision 2030.
While the financial terms of the contract were not disclosed, the agreement is expected to generate substantial recurring revenue for SLB over the next five years. The announcement comes after a period of mixed results for the company: Q3 2025 revenue fell 3% year‑over‑year to $2.89 billion, and GAAP EPS dropped 40% to $0.21, reflecting a challenging macro environment and higher operating costs. The new contract provides a stable revenue stream that should help offset these headwinds and support SLB’s cash‑flow generation.
The contract supports Saudi Aramco’s broader unconventional gas program, which includes high‑profile projects such as Jafurah, South Ghawar, and North Arabia. By delivering tailored stimulation services, SLB will play a key role in unlocking the potential of these fields, which are central to the kingdom’s goal of diversifying its energy mix and reducing domestic oil consumption.
Steve Gassen, SLB’s Executive Vice President for Geographies, said the company’s “world‑class technology, deep local expertise, and proven track record in safety and service quality” position it to deliver the required solutions. He added that the partnership will help accelerate Aramco’s unconventional gas development and reinforce SLB’s presence in the Middle East.
The long‑term nature of the contract strengthens SLB’s Middle East portfolio and provides a predictable revenue base that can support future investments in digital and automation technologies. The deal also signals confidence from Saudi Aramco in SLB’s capabilities, potentially opening doors to additional projects within the kingdom’s expanding unconventional gas program.
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