Schlumberger N.V. (NYSE:SLB) shares are trading lower on Wednesday. The company secured several major drilling contracts from Shell PLC (NYSE:SHEL).

These contracts will support capital-efficient energy development across deep- and ultra-deepwater assets in the UK North Sea, Trinidad and Tobago, the Gulf of Mexico, and other locations.

The projects, set to be delivered over three years, will leverage SLB’s AI-enabled digital drilling capabilities alongside its expertise in ultra-deepwater environments.

This combination aims to consistently deliver more efficient wells, enhancing cost-effectiveness.

The contracts will cover digital directional drilling services, hardware, logging while drilling, surface logging, cementing, drilling and completions fluids, completions, and wireline services.

Last month, SLB disclosed that its OneSubsea joint venture won a contract from Petrobras, following a competitive tender.

The contract involves the provision of two subsea raw seawater injection systems to enhance recovery from the Búzios field.

Investors can gain exposure to the stock via iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) and VanEck Oil Services ETF (NYSE:OIH).

Price Action: SLB shares are down 1.69% at $38.71 at the last check Wednesday.

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This article Shell Awards Schlumberger Three-Year, Multi-Region Deepwater Contracts: Details originally appeared on Benzinga.com

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