New York, Feb 18, 2026, 11:25 EST — Regular session.
- SLB picked up roughly 2.6% in early trading, following news of a fresh Equinor subsea upgrade contract.
- Oilfield services stocks climbed, tracking a crude rally of almost 3% fueled by geopolitical tensions.
- Investors are eyeing the latest U.S. inventory numbers, as well as remarks from SLB executives at upcoming conferences, hoping for new cues.
SLB (SLB.N) jumped 2.6% to $51.14 by late morning Wednesday, breaking a brief losing streak. The move came as investors factored in a new North Sea contract and a notable bounce in oil prices.
This shift is key: SLB’s growth story hinges on international and offshore projects—areas that often keep spending steady even as North America drilling hits the brakes. Crude’s back in the geopolitical crosshairs, and traders are now eyeing whether those price bumps will actually deliver more consistent contracts for oilfield suppliers.
SLB announced Tuesday its OneSubsea joint venture picked up an engineering, procurement and construction contract from Equinor to handle an upgrade of the subsea compression system at the Gullfaks field in Norway’s North Sea. In an EPC deal, a single contractor oversees design, purchasing, and construction. “This award reflects the strength of our long-standing collaboration with Equinor,” said Andreas Fjellbirkeland, vice president of Processing Systems at SLB OneSubsea, in the release. 1
Oil surged close to 3% Wednesday, as Russia-Ukraine peace talks broke down and worries about a possible US-Iran clash lingered, driving energy stocks higher. “It is understandable that yesterday’s dip was viewed as a buying opportunity,” said Tamas Varga at oil broker PVM, speaking to Reuters. 2
Oilfield services stocks moved higher as well. Baker Hughes (BKR.O) advanced nearly 2.8%, shares of Halliburton (HAL.N) added around 2.8%, while NOV (NOV.N) pushed up approximately 3.8% during the morning session.
SLB slipped 1.1% to finish at $49.84 on Tuesday, marking a third consecutive drop. Still, the stock fared better than a number of its peers. Trading volume came in above the recent average, according to MarketWatch data. 3
Back in late January, the company reported a stronger-than-expected fourth-quarter profit and outlined intentions to deliver over $4 billion to shareholders in 2026 via dividends and buybacks, according to Reuters. 4
Traders are watching for U.S. oil stockpile numbers from API later Wednesday, with the U.S. Energy Information Administration’s report coming Thursday. Those releases can shift crude, and in turn, ripple across the services complex.
Still, it’s a double-edged setup. Oil slid roughly 2% on Tuesday after chatter surfaced about movement in U.S.-Iran nuclear talks, a reminder of how rapidly risk premiums can evaporate. Price action is set for “sharp two-way swings” on news flow, according to Sugandha Sachdeva, founder of SS WealthStreet. 5
Offshore work carries its own execution risk: with contract values often kept under wraps and revenues dribbling in over extended periods, the stock can end up reacting sharply to wider swings in producer budgets.
Investors are watching for fresh updates on demand, margins, and offshore business as SLB heads to the conference circuit. The company is scheduled to appear at the DEP Thrive Conference on Feb. 25, then at the Morgan Stanley Energy & Power Conference March 3, and Jefferies’ power and energy event March 4, per its official events page. 6
