HOUSTON - Halliburton (NYSE: NYSE:HAL), a $23.17 billion market cap energy services giant currently trading below its InvestingPro Fair Value, has been awarded a substantial contract from Brazilian state-controlled oil company Petrobras to provide integrated drilling services for offshore fields in Brazil. The services, set to commence in 2025, will span a three-year period and include development and exploration wells.
Under the contract, Halliburton will employ its iCruise® intelligent rotary steerable system (RSS) designed to enhance drilling efficiency and precision. The company will also utilize its LOGIX™ automation and remote operations platform to boost well construction performance and consistency, alongside its EarthStar® ultra-deep resistivity service to aid in the accurate placement of production boreholes and reservoir mapping.
To overcome the challenges associated with drilling fluids in offshore environments, Halliburton plans to deploy its BaraLogix® real-time service. This technology leverages advanced hydraulic software, surface measurement automation, and predictive analytics to minimize downtime.
Additional technologies to be provided by Halliburton include Cerebro® in-bit sensing and the introduction of the Reservoir Xaminer™ formation testing service, which helps detect structural complexities within reservoirs, thereby facilitating more informed drilling, completion, and production decisions.
Waldomiro Mendes, senior area manager of Halliburton Brazil, stated that the contract underscores Halliburton's expertise in deep and ultra-deepwater drilling and well construction.
The deal marks Halliburton's most extensive service contract with Petrobras to date, significantly enhancing the company's presence in Brazil's pre-salt and post-salt areas for both development and exploration drilling.
Halliburton, established in 1919, is a global leader in providing a broad array of products and services to the energy industry. The company's innovations support its clients through the entire asset lifecycle, contributing to a sustainable energy future. With a P/E ratio of 9.25 and a 54-year track record of maintaining dividend payments, Halliburton demonstrates strong financial stability. For deeper insights into Halliburton's financial health and growth prospects, including exclusive ProTips and comprehensive analysis, visit InvestingPro.
This report is based on a press release statement.
In other recent news, Halliburton has seen a series of adjustments from several analyst firms. Benchmark reduced the company's stock price target to $35 while maintaining a Buy rating. Stifel also adjusted its outlook on Halliburton, reducing the price target to $37, but reaffirmed a Buy rating. Goldman Sachs (NYSE:GS) cut Halliburton's stock price target to $34, citing the company's dedication to technological innovation. JPMorgan (NYSE:JPM) increased the price target for Halliburton to $35, highlighting the company's strong operational efficiency and potential for growth through technological advancements. Barclays (LON:BARC), however, reduced its price target for Halliburton to $30 due to concerns about a slowdown in North America. These are recent developments that investors should monitor closely. All firms emphasized Halliburton's strong financial health and potential for future growth.
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