SLB
Acquisitions
5
Major Deals Covered
$40.4B
Disclosed Deal Value
SLB's largest disclosed acquisition here is Cameron International for $14.8B in 2016. This page covers 5 major deals from 2006 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Cameron International | 2016 | $14.8B | Bought Cameron International to add subsea, surface, drilling and processing equipment to SLB's service portfolio. |
| Smith International | 2010 | $11.3B | Bought Smith International to add drill bits, drilling tools and drilling fluids (M-I SWACO). |
| ChampionX | 2025 | $7.8B | Acquired ChampionX in an all-stock deal announced in April 2024 to add production chemicals and artificial lift. |
| Kelvion | 2026 | $4.1B | Agreed on August 31, 2026 to acquire 100% of Kelvion, a German heat-exchange and data center cooling maker, from Apollo and Triton funds. |
| WesternGeco (remaining stake) | 2006 | $2.4B | Bought Baker Hughes' 30% stake in the WesternGeco seismic venture to take full ownership. |
2026
$4.1B
Agreed on August 31, 2026 to acquire 100% of Kelvion, a German heat-exchange and data center cooling maker, from Apollo and Triton funds.
Pending. Deal is about $3.4B in cash plus about $0.7B of assumed debt, roughly $4.1B in total.
2025
$7.8B
Acquired ChampionX in an all-stock deal announced in April 2024 to add production chemicals and artificial lift.
Closed in July 2025; ChampionX contributed $879M of revenue in Q4 2025.
2016
$14.8B
Bought Cameron International to add subsea, surface, drilling and processing equipment to SLB's service portfolio.
Cameron became the core of SLB's Production Systems equipment business.
2010
$11.3B
Bought Smith International to add drill bits, drilling tools and drilling fluids (M-I SWACO).
Strengthened SLB's Well Construction business.
2006
$2.4B
Bought Baker Hughes' 30% stake in the WesternGeco seismic venture to take full ownership.
WesternGeco became wholly owned; SLB later exited land and marine seismic acquisition.
SLB's strategy has three parts: grow higher-margin digital and production revenue, lift returns from the core oilfield business through technology and integration, and build adjacent businesses. In practice that meant the ChampionX acquisition (closed July 2025), expansion of the Delfi platform, and a push into data center infrastructure, capped by the August 31, 2026 agreement to acquire Kelvion from Apollo and Triton funds for about $3.4B cash plus $0.7B of assumed debt. Carbon capture and geothermal remain smaller new-energy bets.
SLB earns fees, product sales and software revenue from oil and gas operators, mostly national oil companies and international majors. Its work is organized around Digital (Delfi cloud software, data and AI), Reservoir Performance (wireline logging, testing, stimulation), Well Construction (directional drilling, drill bits, drilling fluids, cementing) and Production Systems (subsea, surface, artificial lift, midstream equipment and, since July 2025, ChampionX production chemicals). Revenue tracks customer upstream capital spending, with international and offshore markets far larger for SLB than North American shale. A growing share now comes from outside oil and gas, notably data center infrastructure, which SLB is expanding with the planned Kelvion acquisition.
In April 2016, Schlumberger acquired Cameron International for $14.8 billion in cash and stock, absorbing the world's leading manufacturer of subsea trees, blowout preventers (BOPs), and surface valves to create the Production Systems division.
In August 2010, Schlumberger acquired Smith International for $11.3 billion, securing leading drill bit manufacturing technology and full ownership of M-I SWACO, the undisputed world leader in drilling fluids.
In April 2024, SLB agreed to acquire ChampionX in an all-stock transaction valued at $7.7 billion, closing in July 2025 to dominate oilfield production chemicals, artificial lift rod pumping, and well emissions monitoring.
In August 2026, SLB entered an agreement to acquire industrial thermal management and data center cooling leader Kelvion for $4.1 billion (including $700M debt), expanding SLB into liquid cooling systems for hyperscale AI data centers.
In October 2023, SLB, Aker Solutions, and Subsea 7 finalized a joint venture combining their subsea businesses into OneSubsea, with SLB holding a 70% majority stake to dominate deepwater subsea engineering.
In 1998, Schlumberger acquired oilfield tool and artificial lift supplier Camco International for $3.1 billion, establishing its initial foundation in well completion hardware and electrical submersible pumps (ESPs).
In 2000, Schlumberger and Baker Hughes merged their seismic businesses to create WesternGeco. In 2006, Schlumberger bought out Baker Hughes's 30% minority stake for $2.4 billion before later restructuring its marine seismic fleet in 2018.
In 2013, Schlumberger acquired Canadian petroleum geochemistry specialist Gushor Inc., integrating real-time fluid and heavy oil analysis into its reservoir evaluation tools.
In 2015, Schlumberger acquired the polycrystalline diamond compact (PDC) cutter intellectual property and manufacturing operations of Novatek, enhancing its Smith drill bit durability in ultra-hard rock formations.
In 2018, SLB exited high-cost marine seismic vessel ownership, selling its WesternGeco vessel fleet to Shearwater GeoServices for $600 million while retaining its profitable seismic data processing software.
SLB focuses on targeted, accretive acquisitions that either expand high-margin, recurring production revenue (ChampionX) or unlock industrial energy transition and compute cooling markets (Kelvion).
SLB works closely with the US Department of Justice and European antitrust regulators, proactively divesting overlapping product lines (such as minor drilling fluid assets during the Smith deal) to secure swift regulatory approval.
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