Offshore Surge Drives SLB’s International Growth Amid Middle East Disruptions
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SLB reported an increase in second-quarter revenue, driven by widespread international expansion and robust offshore operations that successfully countered ongoing challenges in the Middle East.
For the second quarter, revenue rose 5% year-over-year to reach $8.97 billion, with net income attributable to the company coming in at $786 million. Adjusted EBITDA climbed to $1.90 billion, bolstered by elevated offshore operations, rising demand for production systems, and ongoing digital expansion.
CEO Olivier Le Peuch noted that sequential growth outside of the Middle East was propelled by offshore projects in Latin America, Europe, Africa, and Asia. This was further supported by a recovery in U.S. unconventional resources and heightened demand for recovery and production technologies.
“Our Q2 results show that growth is expanding across multiple regions beyond the Middle East,” Le Peuch stated. “Ongoing regional conflicts have intensified the industry’s emphasis on diversifying supply, which highlights the critical role of deepwater projects, exploration, and production recovery efforts.”
Revenue from Production Systems grew 7% quarter-over-quarter, fueled by gains in subsea operations, artificial lift, surface production systems, and production chemicals as operators focused on offshore projects and mature asset optimization. Meanwhile, Digital revenue jumped 9%, driven by robust adoption of exploration software, digital operations, and AI-driven workflows.
From a regional perspective, SLB experienced solid sequential growth in North America, Latin America, Europe, Africa, and Asia. This expansion offset a 13% drop in Middle East revenue, which was impacted by operational disruptions stemming from regional conflict. International growth was primarily anchored by offshore drilling projects in Brazil, Guyana, Mexico, Nigeria, and the North Sea.
Moving forward, SLB anticipates a stabilizing environment in the Middle East, sustained momentum in deepwater and offshore exploration, increasing demand for production tech, and the steady growth of its digital solutions, setting a strong trajectory heading into 2027.
Publisher’s Note: SLB is scheduled to participate as a panelist and host individual meetings at EnerCom Denver – The Energy Investment Conference, taking place at the Westin Downtown from August 17-19, 2026. Register here to attend.
