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(Bloomberg) — SLB, the world’s largest oilfield service provider, agreed to acquire S&P Global Energy Inc.’s geoscience and petroleum-engineering software business.
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SLB expects S&P Global Energy’s software to complement its in-house technology used to analyze and model subterranean oil and natural gas deposits, the company said in a statement Friday. It will also make SLB more competitive in the US shale market, where technology is especially crucial.
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“The number of wells that they drill in the unconventional market in the US is huge. It is the most high volume, the most data intensive, one of the fastest growing parts of the business as well,” Rakesh Jaggi, president of digital at SLB, said in an interview. The purchase will allow SLB to digitize many of those processes, he added.
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SLB announced the acquisition along with its first-quarter results. Its adjusted earnings per share slipped 28% from a year ago, to 52 cents per share, in part because of disruptions from the Iran war.
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SLB shares fell as much as 4.1% before the start of regular trading in New York.
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The company also entered into an agreement with S&P Global Energy to use its upstream data to build new artificial-intelligence models, according to the statement. The deal would come after SLB expanded a partnership with Nvidia Corp. to collaborate on artificial-intelligence tools tailored for the energy industry.
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Through its AI models, SLB aims to help oil and gas producers reduce risk and increase the speed of decision making, Jaggi said.
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“What decisions you were taking in months you can now make in days. So that significantly helps reduce the cost as well,” Jaggi said.
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The transaction is expected to close in late 2026 or early 2027, subject to regulatory approvals, according to the statement.
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