Why Is SLB Stock Gaining Monday?

SLB Ltd. (NYSE:SLB) said Monday that its OneSubsea joint venture won a major engineering, procurement and construction (EPC) contract from Eni SpA (NYSE:E) for Phase 3 of the deepwater Baleine project offshore Côte d’Ivoire.

SLB OneSubsea Wins Côte d’Ivoire EPC Contract

Under the contract, OneSubsea will supply complete subsea production systems for 13 wells, including subsea trees, umbilicals, manifolds, multiphase flowmeters and control systems. The scope also covers installation, commissioning and life-of-field support.

“Baleine Phase 3 brings together scale and execution certainty,” said Mads Hjelmeland, chief executive officer of SLB OneSubsea. “Through our subsea production system technology and by leveraging our established local presence, we are supporting Eni’s efforts to advance a complex, deepwater project efficiently while contributing to the long-term development of offshore resources in Côte d’Ivoire.”

SLB said the project will be executed through its established local presence in Côte d’Ivoire to support efficient delivery across the project’s life cycle.

Stock Performance And Technical Analysis

SLB stock was up more than 1% on Monday as investors rotated into energy stocks, even as the broader market traded lower. The Nasdaq fell 1.10%, while the S&P 500 slipped 0.35%.

Energy was the day’s best-performing sector as investors favored commodity-linked stocks while technology shares lagged.

SLB traded at $48.35, close to its 20-day simple moving average of $48.20. That level could act as an important near-term support area.

The broader trend remains mixed. The stock is 8.9% below its 50-day simple moving average of $52.85 and 7% below its 100-day simple moving average of $51.73. Those levels could become resistance if the rally continues.

Momentum is improving. The MACD remains above its signal line, suggesting selling pressure has eased. The stock also trades 5.2% above its 200-day simple moving average of $45.75.

In addition, the 50-day moving average remains above the 200-day moving average after a bullish golden cross formed in December 2025.

The next resistance level is around $57.50, while support sits near $44.50.

SLB Stock Price Activity: SLB shares were up 1.24% at $48.35 at the time of publication on Monday, according to Benzinga Pro data.

Photo by T. Schneider via Shutterstock