SLB wins engineering contract for Norway's Havstjerne CO2 storage project

SLB has been selected as strategic reservoir partner for the Havstjerne carbon dioxide storage project off the coast of Norway, taking responsibility for subsurface work, reservoir maturation and the project's injection wells. Front-end engineering design (FEED) for the subsea injection system, covering the template manifold, all-electric subsea trees, control system and umbilical distribution, is being handled separately by SLB's OneSubsea joint venture rather than by SLB's own reservoir-engineering scope.

The distinction matters because it clarifies what SLB actually won: a subsurface and early-engineering contract, not a single all-encompassing FEED award. Havstjerne is operated by Harbour Energy, which holds a 60% stake after acquiring much of Wintershall Dea's exploration and production assets, in partnership with Stella Maris CCS, a Yinson Production company. The project has not yet reached a final investment decision (FID); the current subsurface and engineering work is intended to build the technical, cost and schedule basis that would support a future FID, not to accelerate an already-set timeline.

Havstjerne separately received €225 million from the EU Innovation Fund in 2025, and an appraisal well drilled that same year confirmed reservoir quality suitable for CO2 injection and storage. The project has selected a low-pressure floating storage and injection concept. No dollar or euro value for SLB's own contract has been disclosed. The site's location is described inconsistently across sources: some place it roughly 100 kilometers southwest of Egersund, others roughly 100 kilometers southeast of Egersund, while the project's own site describes it as 135 kilometers southwest of Stavanger. A 2023 license-award press release put the site's estimated storage capacity at 7 million tonnes per annum (Mtpa), a figure not repeated in this week's coverage of the SLB award.

For SLB, the award extends its subsurface and reservoir-engineering footprint into Europe's carbon capture and storage buildout, an area that could see more activity if governments keep backing CCS projects with grants like the EU Innovation Fund award. What happens next is worth watching: whether Havstjerne reaches a final investment decision, whether OneSubsea's separate FEED work on the subsea injection system progresses toward a contract award, and whether SLB's reservoir role here leads to further CCS engineering work elsewhere in Norway, since no other Norwegian CCS contracts for SLB are confirmed at this time.

Related Stocks

• SLB