SLB Reports Q3 Growth Across All Regions, Driven by Deepwater and Middle East Rebound

(WO) – SLB achieved sequential growth across all regions during the third quarter, driven by a steady rebound in the Middle East, rising North American land operations, and expanding global deepwater activity. CEO Olivier Le Peuch highlighted “a very compelling outlook for 2027.”

“Middle East operations expanded by 13% quarter-over-quarter, even with late-quarter challenges,” Le Peuch noted. Beyond the Middle East, performance was bolstered by increased U.S. land operations, while ChampionX delivered its highest quarterly revenue since joining SLB. Additionally, SLB OneSubsea secured a continuous stream of global contracts, boosting its backlog and enhancing revenue projections through 2027.

SLB observed that operators are sharpening their focus on maximizing production, improving recovery rates, and extending long-term asset value as they seek better returns from active reservoirs. The company also highlighted the accelerating adoption of AI and digital workflows to boost field efficiency.

“The global trajectory remains strong, fueled by sustained deepwater activity in Latin America, Europe, Sub-Saharan Africa, and Asia, as reflected in recent SLB OneSubsea awards. At the same time, global footprint expansion is picking up speed as leading U.S. shale companies venture overseas to collaborate with state-owned operators,” Le Peuch stated. He added that Venezuelan operations saw notable gains, with additional growth anticipated as Middle Eastern markets fully rebound.

In non-oilfield segments, SLB’s Data Center Solutions posted a 23% quarter-over-quarter revenue increase, powered by strong demand from AI and high-performance computing sectors alongside growth in Asian markets.