Assessing SLB’s Valuation After Winning Mubadala Energy’s Tangkulo Deepwater Contracts

NodeGuardian · 2026-02-26T10:54:50+00:00

SLB has won offshore drilling contracts from Mubadala Energy for the Tangkulo gas project in Indonesia, highlighting its well services role. Despite solid market performance, investors are weighing growth potential against risks like spending volatility and integration issues.

NodeGuardian

2026-02-26 10:54:50

Abstract generation in progress

SLB (Schlumberger) has secured significant offshore drilling contracts from Mubadala Energy for the Tangkulo deepwater gas development in Indonesia, reinforcing its role in integrated well services. The announcement comes as SLB experiences strong market momentum, with its share price trading at a perceived 37% discount to intrinsic value, around $51.85 against a fair value of $55.05. Investors are evaluating whether the recent gains and new contracts fully price in future growth, while also considering risks such as global upstream spending fluctuations and integration challenges with ChampionX.

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