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Updated Aug 31, 2026
SLB to acquire Kelvion for $3.4B cash, assuming $0.7B debt, to expand data center thermal management capabilities.
SLB has signed an agreement to acquire Kelvion, a global thermal management and heat-exchange provider, for approximately $3.4 billion in cash plus $0.7 billion in assumed debt, valuing the deal at 11x 2026E EBITDA before synergies. The acquisition directly addresses AI infrastructure demand by adding critical cooling technologies to SLB's modular data center solutions platform, with Kelvion's data center revenue projected at $1.2–$1.3 billion in 2026. SLB targets $120 million in annual EBITDA synergies within three years and projects combined data center revenue of $4.5–$5 billion by 2028, positioning the company as an integrated infrastructure provider to the fastest-growing industrial market.
Tone: bullishRevenue
$35.7B
SLB 10-K · FY 2025
Employees
109,000
Revenue FY2024
$36.3B
Founded
1926
Profile
SLB 10-K Item 1 · Jan 23, 2026SLB is a global energy technology company providing services, equipment, and digital solutions across the oil and gas value chain in more than 100 countries. The company is organized into four operating divisions — Digital, Reservoir Performance, Well Construction, and Production Systems — plus an All Other category that includes Data Center Solutions and carbon capture. SLB is expanding beyond oilfield services into data center infrastructure and new energy systems as part of a declared 'New Horizons of Growth' strategy.
Read filing description ↓ Collapse description ↑
SLB is a global technology company driving energy innovation for a balanced planet. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating energy technology, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. The world faces the challenge of providing secure and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future. With nearly a century of market and technology leadership, SLB is well positioned and committed to being a leader in providing solutions to address this trilemma. SLB is primarily organized under four Divisions that combine and integrate SLB's technologies, enhancing our ability to support the emerging long-term growth opportunities in each of these market segments. The four Divisions are: Digital, Reservoir Performance, Well Construction, and Production Systems. SLB operates through a geographical structure of five Basins that are aligned with critical concentrations of activity: North America Land; Americas; Europe and Africa; Middle East and North Africa; and Asia. SLB's strategy is focused on three engines of growth: Core, Digital, and New Horizons of Growth. New horizons of growth include a fast-growing Data Center Solutions business as well as industrial decarbonization, carbon capture and sequestration, low-carbon hydrogen, geothermal, and critical minerals. SLB, formerly known as Schlumberger, was founded in 1926 and changed its brand name to SLB in 2022.
Primary products
- Delfi platform
- Lumi platform
- Petrel
- Techlog
- Performance Live digital service delivery centers
- Wireline logging
Business segments
End markets
Geographies
“SLB owns or controls one of the industry's leading portfolios of intellectual property, including but not limited to patents, proprietary information, trade secrets, and software tools and applications that, in the aggregate, are material to SLB's business.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Global revenue of $35.7 billion declined 2% year on year; excluding the $1.5 billion contribution from the ChampionX acquisition, revenue declined 6% year on year as growth in Digital and Data Center Solutions was more than offset by declines in Saudi Arabia, Mexico, and offshore Sub-Saharan Africa.
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