SLB OneSubsea Awarded Integrated EPC Contract for Deepwater Development

HOUSTON--(BUSINESS WIRE)--Mar 17, 2026--

Global energy technology company SLB (NYSE: SLB) announced today that its OneSubsea™ joint venture has been awarded a multi-well, integrated engineering, production, and construction (EPC) contract by China National Offshore Oil Corporation (CNOOC). The contract encompasses 20 wells and covers the delivery of integrated subsea production systems for the deepwater Kaiping 18-1 field development in the South China Sea.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260317076557/en/

Under the contract, SLB OneSubsea will deliver standardized subsea production technology that includes dual electric submersible pump (ESP), gas lift and gas injection horizontal trees, manifolds, connectors, and control systems, along with installation and commissioning support.

"This award highlights the continued adoption of our standardized subsea systems, and the efficiency gains they can deliver on complex multi‑well projects," said Mads Hjelmeland, chief executive officer of SLB OneSubsea. “By applying proven designs and working closely with regional partners, we can help streamline execution and support effective delivery for CNOOC.”

SLB OneSubsea’s standardized and simplified subsea architecture is designed to reduce system complexity, drive operational efficiencies, and support future field expansions. The integrated delivery model also helps to compress installation schedules and minimize offshore vessel requirements.

Project execution will leverage collaboration with regional partners to support in-country manufacturing and supply-chain capability, contributing to efficient delivery and providing continuity for future subsea developments.

Key points

About SLB

SLB (NYSE: SLB) is a global technology company that has driven energy innovation for 100 years. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About SLB OneSubsea

SLB OneSubsea is driving the new subsea era that leverages digital and technology innovation to optimize our customers’ oil and gas production, decarbonize subsea operations and unlock the large potential of subsea solutions to accelerate the energy transition. OneSubsea is a joint venture backed by SLB, Aker Solutions and Subsea7 headquartered in Oslo and Houston, with 10,000 employees across the world. Find out more at onesubsea.com.

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

SLB OneSubsea will deliver standardized subsea production technology that includes dual electric submersible pump (ESP), gas lift and gas injection horizontal trees, manifolds, connectors, and control systems, along with installation and commissioning support.

GENEVA (AP) — The U.N. human rights office on Tuesday expressed concerns about possible “ethnic cleansing,” denouncing an acceleration of Israeli settlements and displacements of thousands of Palestinians in large parts of the occupied West Bank that has grown “more relentless” in recent months.

A new report from the office of Volker Türk, the U.N. high commissioner for human rights, covers a yearlong period through the end of October and warns of expanded settlements in large parts of the West Bank and the forced displacement of more than 36,000 Palestinians.

Since then, "the pace of the concerted efforts by the Israeli government to seize as much Palestinian land as possible — with as few Palestinians in it as possible — is only becoming more relentless,” Ajith Sunghay, the head of the rights office in occupied Palestinian areas, told a U.N. briefing in Geneva.

Sunghay said Israeli security forces “have continued to kill Palestinians with impunity,” have launched daily raids across the West Bank, and increased movement restrictions in the territory that have impeded access to health care, jobs, education and other basic services.

“Yet Israeli settlers are roaming free with complete impunity, often armed, forcing Palestinian family after Palestinian family off their lands," Sunghay said.

Türk, in a statement, alleged that Israeli authorities were “playing the central role in directing, participating in or enabling this conduct,” and the report denounced harassment, intimidation and destruction of farmland and homes of Palestinians.

Israel's Foreign Ministry and the Israeli Embassy in Geneva didn't immediately comment.

Much of the displacement of thousands has taken place in the northern West Bank, where Israel launched a broad military offensive in early 2025. Israel's government says the operation is aimed at stamping out militant groups active in the area.

The report says the displacement "appears to indicate a concerted Israeli policy of mass forcible transfer throughout the occupied territory, aimed at permanent displacement, raising concerns of ethnic cleansing.”

At the same time, Israel's hard-line government has pressed ahead with an increase in new Israeli settlements across the West Bank. The international community overwhelmingly considers settlements illegal, though the Trump administration has been more tolerant of the construction. Israel's government is dominated by settler leaders and their political allies.

The rights office, which falls under the secretariat of U.N. Secretary-General António Guterres, said that Israeli authorities approved or moved forward on nearly 37,000 housing units in occupied east Jerusalem and more than 27,000 elsewhere in the West Bank.

Türk called for an immediate halt to the settlements and a reversal of their impact, along with the evacuation of all settlers and “an end to the occupation of the Palestinian territory.”

The construction boom has been accompanied by an increase in settler violence against Palestinians. Israeli leaders have portrayed the violence as the work of a tiny minority, but Palestinians and human rights groups say the Israeli army has done little to prevent the attacks and note that settlers are rarely held accountable.

Earlier this month, three Palestinians were killed in a violent clash with settlers near Khirbet Abu Falah, east of Ramallah, and in a rare rebuke, the Israeli military strongly condemned the settler violence.

While outside the period covered by the U.N. report, the Palestinian Authority accused Israel of “exploiting the atmosphere of war” and the lack of international attention to issues in the West Bank to intensify intimidation, violence and forced displacement.

Palestinians mourn at the funeral of four members of the Odeh family who were killed in their car by Israeli security forces during an army operation in Tammun, West Bank, Sunday, March 15, 2026. (AP Photo/Majdi Mohammed)