SLB Meaningfully Deepens Data Center Bet

SLB's strategy focuses on three growth engines: core, digital, and new energy. Our thesis relies on all three factors. Specifically, we believe SLB stands to outperform peers based on its productivity solutions—through the acquisition of ChampionX—its industry-leading digital offerings, and its newer bet on data center solutions, where we think the market could quadruple by 2030 from 2024 levels. SLB added to this bet with its acquisition of Kelvion, which we expect to close in early 2027. It's acquiring Kelvion at an attractive price, and the business should offer substantial long-term growth while meaningful improving SLB's go-to-market solution as it has no thermal management offerings previously.