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SLB's Data Center Boom Surpasses Oil & Gas
1 Sep
Summary
- Data center solutions generated over $850 million in 2024.
- Projected data center revenue to exceed $2 billion run rate by 2027.
- New alliances expand SLB's modular infrastructure and power generation.
In January 2025, SLB disclosed a burgeoning exposure to data center infrastructure solutions, a segment that brought in over $850 million during 2024. This growth, particularly strong in North America, offered a counterpoint to anticipated declines in oil and gas activity.
Despite a general slowdown in year-over-year revenue growth by Q2 2025, SLB secured significant contract awards from hyperscaler clients. These contracts, focused on manufacturing services and modular cooling units fulfilled from a Louisiana plant, were on track to surpass $1 billion in 2025, alongside efforts in carbon capture and geothermal.
By July 2026, the Data Center Solutions segment showed substantial acceleration, with revenue up 80% year over year. Management now forecasts this segment alone to reach an annualized run rate above $2 billion by the end of 2027, supported by existing backlog.
Further diversification was announced on July 14, 2026, with an alliance with Liberty Energy to develop modular infrastructure and integrated power generation, encompassing design, engineering, and system integration.
