(RTTNews) - Oilfield services company SLB N.V. (SLB) announced on Tuesday that it has been awarded a seven-year contract by Kuwait Oil Company or KOC to develop and deploy advanced technologies under KOC's Ahmadi Innovation Valley program.
SLB will work with KOC on nearly 100 projects focused on AI, production optimization, reservoir technologies, water management and energy transition. The work aims to improve upstream operations and build local technical expertise.
As part of the deal, SLB will build a dedicated innovation facility in Kuwait. Construction starts in 2026 and the center is set to open in 2028.
In pre-market activity on the NYSE, shares of SLB were up 0.58 percent, changing hands at $46.63, after closing Monday's regular session 1.32 percent lower.
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