SLB announced today that its OneSubsea joint venture secured two large engineering, procurement, and construction contracts from PTTEP for deepwater projects in Malaysia. The contracts cover the Alum, Bemban, and Permai gas fields in Block H and the Kikeh oil and gas field, Malaysia’s first deepwater oil project.
The scope includes horizontal subsea trees, umbilicals, control systems, and associated services. The partnership builds on a 20‑year collaboration that has delivered more than 50 subsea production systems. The contracts are expected to extend the life of the fields, which produce natural gas from Rotan and Buluh fields (since 2021) and oil and gas from Kikeh (since 2007) at water depths of 1,100–1,300 meters.
The win underscores SLB’s continued demand for deepwater subsea solutions and strengthens its digital and production recovery strategy. By adding these projects to its portfolio, SLB can generate additional revenue and reinforce its position as a leading provider of integrated subsea production systems in the region.
The contracts also demonstrate the resilience of SLB’s business model in a volatile market, as the company secures long‑term, high‑value projects that contribute to its revenue and margin growth.
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