Mar 12, 2026 (MarketLine via COMTEX) --
Under the contract, SLB OneSubsea will supply complete SPS equipment for the Kikeh 3B second-phase development.
SLB OneSubsea has secured an engineering, procurement and construction (EPC) contract for a deep-water project offshore Malaysia from PTTEP Sabah Oil, a subsidiary of PTT Exploration and Production Public Company (PTTEP).
The contract broadens OneSubsea's scope in supplying integrated subsea production systems for PTTEP's deep-water developments offshore Malaysia.
SLB OneSubsea is a joint venture (JV) between SLB, Aker Solutions and Subsea7.
Under this contract, SLB OneSubsea is tasked with providing comprehensive subsea production system (SPS) equipment for the second development phase of the Kikeh 3B project.
The scope includes the supply of three subsea trees, a manifold, a subsea distribution unit and integrated control systems, in addition to project management and other services.
The project will be carried out throughout 2026 and 2027, leveraging SLB OneSubsea's manufacturing and service facilities in Malaysia.
SLB OneSubsea CEO Mads Hjelmeland said: "Building on our long-standing collaboration with PTTEP, this award supports the next phase of the development of Malaysia's deep-water resources."
"With more than two decades of experience supporting PTTEP's subsea projects, our team is well positioned to deliver safe, efficient and integrated execution across all three recent contract awards."
The Kikeh field holds the distinction of being Malaysia's first deep-water oil and gas development, having commenced production in 2007 with the help of subsea technology provided by SLB OneSubsea.
The JV entity continues to collaborate with PTTEP to enhance production capabilities at depths ranging from 1,300 to 1,400m.
Efforts are also being made to increase local manufacturing of high-value subsea equipment, bolster regional supply chains and develop expertise within the area.
This contract from PTTEP to SLB OneSubsea is the third major award in the space of 12 months.
In October 2025, SLB OneSubsea secured two sizeable EPC contracts from PTTEP.
These contracts aim to strengthen a 20-year collaboration focused on expanding operations across the Kikeh field and Block H's Alum, Bemban, and Permai deepwater gas fields in Malaysia.
In a related development, SLB stated that it is tracking developments in the Middle East and adjusting operations accordingly, with employee safety its top priority.
The company has activated local and regional crisis teams, halted travel and transit in the area, and is demobilising in select countries in line with customer actions to protect people and assets, with a phased restart planned when conditions improve.
As a result, first-quarter revenue is expected to fall short of prior expectations, and SLB anticipates incremental costs translating to an estimated $0.06–0.09 reduction in earnings per diluted share, although the situation remains fluid.
In September 2025, SLB won a contract from Petrobras to provide services and technology for as many as 35 ultra-deepwater wells in Brazil's Santos Basin. The work covers wells in the second development phase of the Atapu and Sépia fields, tapping oil and gas resources beneath thick salt formations around 2,000m below sea level.
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COMTEX_478973979/2227/2026-05-12T02:13:04
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