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UBS lowered its estimates on several U.S. drillers, citing North American pricing pressure, trough margins, and further rig count declines. The firm remains positive on the group in the intermediate term as they believe stocks will move with oil prices. UBS lowered its estimates on Baker Hughes (BHI), Schlumberger (SLB), Halliburton (HAL), and Weatherford (WFT).

SLB (SLB) has been awarded three contracts by Petrobras (PBR) for completion hardware and services for up to 35 subsea wells in the development of Petrobras' offshore Buzios Wave II oilfield. The scope of the contract includes SLB's full bore electric interval control valves and electric subsurface safety valves. The award is a catalyst toward full production system electrification for Petrobras, improving production availability via more reliable completions. By converting to electric completions, Petrobras will gain the ability to control a more sophisticated system in the subsurface. Full electrification of completions enables maximum production control across multiple reservoir drains, potentially requiring fewer wells and limiting heavy workovers during the productive life of the Buzios field wells. Much of the technology to be deployed in Buzios and available for other operators of Brazilian pre-salt fields was developed at SLB's Taubate Engineering Center in Brazil for Brazilian Pre-salt, in collaboration with CENPES, the Petrobras research center, and TotalEnergies (TTE).