The Bull Case For SLB (SLB) Could Change Following Major Kaiping 18-1 Subsea Win In China

Simply Wall St.

03/21

In March 2026, CNOOC awarded SLB OneSubsea a multi-well, integrated subsea engineering and production contract for 20 wells at the deepwater Kaiping 18-1 field in the South China Sea, covering ...

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OneSubsea a multi-well, integrated subsea engineering and production contract for 20 wells at the deepwater Kaiping 18-1 field in the South China Sea, covering ...</p>\n\n<a href=\"https://simplywall.st/stocks/us/energy/nyse-slb/slb/news/the-bull-case-for-slb-slb-could-change-following-major-kaipi\">网页链接</a>\n\n</div>\n","source":"simplywall_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Bull Case For SLB (SLB) Could Change Following Major Kaiping 18-1 Subsea Win In China</title>\n<style 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...</p>\n\n<a href=\"https://simplywall.st/stocks/us/energy/nyse-slb/slb/news/the-bull-case-for-slb-slb-could-change-following-major-kaipi\">网页链接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://simplywall.st/stocks/us/energy/nyse-slb/slb/news/the-bull-case-for-slb-slb-could-change-following-major-kaipi\">Simply Wall St.</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0300736492.USD","symbol_name":"FRANKLIN NATURAL RESOURCES \"A\" (USD) 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An interesting angle is SLB OneSubsea’s simplified, standardized subsea architecture and in-country manufacturing push, which aims to cut complexity, compress installation timelines, and support future field expansions for subsequent Chinese offshore developments.  Next, we’ll examine how this major Kaiping 18-1 subsea contract could influence SLB’s investment narrative around international production-focused growth.  Find 52 companies with promising cash flow potential yet trading below their fair value.AdvertisementSLB Investment Narrative RecapTo own SLB, you need to believe its international, production-focused portfolio and growing digital and subsea offerings can offset cyclicality in short-cycle markets. The Kaiping 18-1 subsea win supports that long-cycle, offshore production thesis, but it does not materially change the near-term picture where the key catalyst is execution on international contracts and the biggest risk remains a pullback in global upstream spending and operator budgets that could pressure revenue and margins. Against this backdrop, the recent Q1 2026 guidance cut, with management flagging lower-than-expected revenue and a US$0.06 to US$0.09 EPS impact, is the announcement that matters most. It highlights how sensitive near-term results are to cost overruns and spending shifts, even as contracts like Kaiping and the Kuwait Mutriba award feed the longer-term story of more stable, production-oriented revenue streams across the Middle East and Asia. Yet while contracts like Kaiping look positive, investors should also be aware that... Read the full narrative on SLB (it's free!)SLB's narrative projects $38.7 billion revenue and $4.9 billion earnings by 2028. This requires 2.9% yearly revenue growth and about an $0.8 billion earnings increase from $4.1 billion today.Uncover how SLB's forecasts yield a $55.05 fair value, a 18% upside to its current price.Exploring Other PerspectivesSLB 1-Year Stock Price Chart Set against the Kaiping win, the most bearish analysts were assuming only 1.5 percent annual revenue growth and US$4.7 billion of earnings by 2028, reminding you that views on how energy transition risks could cap SLB’s long term upside can differ widely and may shift again as this new subsea contract is digested.Explore 11 other fair value estimates on SLB - why the stock might be worth as much as 73% more than the current price!Reach Your Own ConclusionDon't just follow the ticker - dig into the data and build a conviction that's truly your own.A great starting point for your SLB research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.Our free SLB research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate SLB's overall financial health at a glance.Curious About Other Options?The market won't wait. These fast-moving stocks are hot now. Grab the list before they run:Explore 24 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research.Capitalize on the AI infrastructure supercycle with our selection of the 35 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow.Outshine the giants: these 21 early-stage AI stocks could fund your retirement.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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