Schlumberger Limited (NYSE:SLB) and Equinor ASA (NYSE:EQNR) shares are trading higher today after Schlumberger won a contract from Equinor for the Subsea Production Systems (SPS) project in offshore Norway.

The contract is for the front-end engineering design (FEED) of a 12-well, all-electric SPS project in the Fram Sør field.

Under the agreement, SLB OneSubsea will be directly awarded future engineering, procurement, and construction contracts conditional upon a final investment decision.

The Fram Sør project will employ SLB OneSubsea's standard subsea tree design, enhanced with a fully electrified power, control, and actuation system.

This project aims to accelerate the global adoption of electric subsea technology, establishing new benchmarks for enhanced operator control, operational efficiency, and reduced offshore emissions.

Mads Hjelmeland, chief executive officer of SLB OneSubsea stated, "This technology has effectively created the IoT for subsea trees, providing operators with improved control through live performance and condition monitoring. We are grateful for the collaboration with Equinor and the other joint-industry-partners over the past six years that has made this milestone possible."

Investors can gain exposure to SLB via IShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) and VanEck Oil Services ETF (NYSE:OIH) as well as to EQNR via Amplify ETF Trust Amplify Natural Resources Dividend Income ETF (NYSE:NDIV) and SGI Enhanced Global Income ETF (NASDAQ:GINX).

Price Action: EQNR shares are up 1.51% at $28.17 and SLB by 1.32% at $46.84 at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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