SLB will acquire Kelvion from Apollo for approximately $4.1 billion, adding a global cooling and heat-exchange business expected to generate as much as $2.4 billion in 2026 revenue. The deal expands SLB beyond traditional oilfield services and targets a combined data center business producing up to $5 billion in annual revenue by 2028.
SLB exceeded second-quarter earnings expectations as strong North American growth offset temporary disruptions in the Middle East. The company expects higher third-quarter revenue, stronger free cash flow, and continued growth in both oilfield services and its rapidly expanding data center solutions business.
SLB indicated that North America is currently in a “wait-and-see” phase, with activity expected to remain flat in the near term as operators hold spending steady amid uncertainty. However, the region is positioned to be the fastest to rebound, with short-cycle shale activity likely to accelerate quickly if oil prices strengthen.
SLB expects U.S. land rig counts to continue declining as operators maintain capital discipline, but views this environment as a structural opportunity rather than a headwind. As drilling becomes more complex and capital intensive, operators are turning to digital drilling optimization and AI to deliver better wells, lower risk, and higher returns — allowing digital revenue to grow even as rig activity falls.
While SLB’s Q3’25 results reflected the broader struggles of the oilfield services sector—driven by weaker crude prices and softer onshore activity—one area of the business is defying the trend: Data Center Solutions.
In a world where innovation defines success, SLB (formerly Schlumberger) continues to lead the way in leveraging cutting-edge digital and technological advancements. With a strong focus on AI, automation, and data-driven insights, SLB has established itself as a pioneer in transforming the energy industry. Let’s delve into how SLB’s innovations are reshaping operations, driving efficiency, and setting new standards for performance.
