Baker Hughes Company (NASDAQ:BKR) shares are up on Thursday on the heels of two significant contract extensions with Equinor ASA (NYSE:EQNR).

These multi-year agreements will support Equinor’s offshore hydrocarbon production goals in the North Sea, contributing to the stock’s positive movement to support North Sea energy production.

This partnership aims to enhance production efficiency on the Norwegian continental shelf, leveraging advanced technologies for optimal resource development.

Expands Offshore Drilling Operations

This week, Baker Hughes also disclosed a contract extension with Petrobras Brasileiro S.A.‘s (NYSE:PBR).

The company will provide integrated well construction solutions across Brazil’s Santos Basin under the expanded agreement.

The agreement expands Baker Hughes’ offshore drilling operations across several deepwater oilfields linked to Brazil’s pre-salt developments.

BKR Technical Outlook: Key Levels And Momentum

The stock is currently trading at $63.50, which places it 3.5% below its 20-day simple moving average (SMA) of $66.14 but 0.2% above its 50-day SMA of $63.64. The moving average convergence divergence (MACD) is below its signal line, indicating that momentum is fading, suggesting that upside pressure may be cooling unless it can reclaim that baseline.

Key Resistance: $64.50, a nearby level where rebounds can stall, particularly as it ...