NEW YORK (TheStreet) -- Shares of Schlumberger (SLB) are up 1.4% to $85.41 after Norwegian energy firm Statoil (STO) awarded the oil services company an integrated drilling and well services contract for its Mariner field in the British sector of the North Sea, Reuters reports.
"A total of 22 drilling and well services are included in the scope, including a logistics support responsibility that goes beyond the normal scope for similar Statoil contracts," Statoil said.
The $7 billion Mariner field is expected to start up in 2017. It has 250 million barrels of oil equivalents in reserves and plateau production is seen at around 55,000 barrels per day, Reuters noted.
The contract will start in January and it has a duration of four years, plus options for several additional four-year periods, Reuters added.
Separately, TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."