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Slb$SLB · filed: saw revenue fall 1.6% in FY2025 to $35.7BNew shipNext year $31.8B–$39.9B sealedCheck ▾Close ▴
What Slb filed
Saw revenue fall 1.6% in FY2025 to $35.7 billion, equity 47.6% of assets. Every figure links to the filing it came from on Slb’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $31.8B and $39.9B, an 80% range sealed on 26 Sept 2026 · receipt #aa682c · graded in public by the revenue in Slb’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
SLB pivots **$4.1B** into data center cooling, trading oilfield cyclicality for hyperscale infrastructure annuities.
$4.1 billion
in cash
18%
of the company's forward revenue mix toward data center…
$1.8 billion
in annual revenue across liquid cooling systems
22%
market share in European industrial cooling and maintains manufacturing…
Schlumberger announced Wednesday it will acquire Kelvion, a German industrial heat exchanger manufacturer, for $4.1 billion in cash. The deal represents SLB's largest acquisition in fifteen years and shifts 18% of the company's forward revenue mix toward data center thermal management by 2027, according to investor materials.
Kelvion generates approximately $1.8 billion in annual revenue across liquid cooling systems, evaporative condensers, and custom heat exchangers for pharmaceutical and semiconductor facilities. The company holds 22% market share in European industrial cooling and maintains manufacturing footprints in Germany, India, and Mexico. SLB will fold Kelvion into its Digital & Integration division, which already supplies flow assurance and thermal modeling software to hyperscalers. The transaction is expected to close in Q3 2025 pending German antitrust clearance.
The acquisition reflects SLB's calculated exit from pure-play oilfield services into higher-margin infrastructure plays. Data center operators face a thermal wall: AI workloads running Nvidia H100 clusters generate 700 watts per GPU, and liquid cooling delivers 3x the heat removal efficiency of air systems at scale. Kelvion's plate heat exchangers and adiabatic coolers are already deployed in 40+ hyperscale facilities globally, including unnamed clients in Ashburn and Frankfurt. SLB gains immediate access to long-cycle service contracts with 12-to-15-year durations and EBITDA margins near 28%, compared to 19% in its legacy offshore drilling segment.
The deal also hands SLB an engineering team with domain expertise in two-phase cooling and modular skid design, capabilities the company lacked despite its subsurface simulation pedigree. Kelvion's customer base spans Equinix, European telcos, and pharmaceutical manufacturers building out cleanroom HVAC, creating adjacencies beyond hyperscale. SLB management has signaled it will retain Kelvion's Bochum headquarters and explore joint ventures with its own geothermal business unit, potentially bundling waste heat recovery with next-generation closed-loop cooling for campuses near volcanic or deep-well thermal resources.
Operators should watch for SLB's integration playbook in Q3 earnings and whether the company consolidates Kelvion's supply chain with its existing Cameron valve manufacturing in Louisiana. European Commission filings are due by mid-June. Hyperscale RFPs for 2026 buildouts in Dublin and Singapore close in late summer, and SLB will likely bid bundled thermal packages combining Kelvion hardware with subsurface modeling for ground-source heat exchange. Any partnership announcements with Vertiv or Carrier would confirm SLB is positioning as a prime contractor, not just a components supplier.
Kelvion's order backlog stood at $940 million as of December, with 68% earmarked for delivery into facilities breaking ground in 2026.
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For the principal
Track if SLB bundles geothermal + cooling in net-zero campus plays; creates real estate infrastructure optionality.
For the operator
Monitor Q3 integration metrics and whether SLB retains Kelvion's European supply chain or reshores to Louisiana facilities.
For the house
Open small long in SLB post-close; short legacy drilling peers lacking infrastructure pivots. Hedge via GDX thermal REIT baskets.
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