On August 28, SLB Ltd rose 3.47% in regular trading, trading at $55.45/share, with turnover of $346 million. The rally was driven by news that the company recently signed a service contract with Venezuela's state-run oil company PDVSA, gaining access to the country's oilfield data.

Under the contract, SLB has been tasked with organizing and upgrading PDVSA's outdated databases that have not been maintained for years and suffered a recent cyberattack. Company executives previously stated they expect to restart up to 15 oil drilling rigs currently located within Venezuela in less than a year. During the Q2 earnings call, management explicitly noted that new contracts secured in Venezuela have already surpassed the total volume accumulated over the past two years, signaling a significant deepening of its Latin American strategic footprint.

Analysts at Melius Research have highlighted SLB as the best-positioned oilfield services company to benefit from the upcoming recovery in exploration and production spending, citing its broad international footprint, technical capabilities, digital offerings, and strong offshore market share, particularly in deepwater operations.

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