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    AI Data Center Power Push And Baleine Win Could Be A Game Changer For SLB (SLB)

    Simply Wall St·07/23/2026 02:24:34
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    • In July 2026, SLB announced an alliance with Liberty Energy to deliver modular infrastructure and integrated behind-the-meter power solutions for new AI-driven data centers, while its OneSubsea joint venture secured a major multi-well EPC contract from Eni for Phase 3 of the Baleine deepwater project offshore Côte d’Ivoire.
    • Together, these moves highlight SLB’s push to pair its subsea and traditional energy technology with growing demand for power-intensive AI data centers.
    • We’ll now examine how SLB’s AI-focused data center alliance with Liberty Energy could influence the company’s existing investment narrative.

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    SLB Investment Narrative Recap

    To own SLB, you need to believe its core oilfield services, subsea technology and growing digital offerings can offset cyclical upstream spending and integration risks from ChampionX. The Liberty Energy data center alliance and Baleine Phase 3 contract broaden optionality, but do not materially change the near term focus on upstream spending trends as the key catalyst, or macro and regional spending cuts as the biggest risks.

    The SLB OneSubsea EPC award for Eni’s Baleine Phase 3 in Côte d’Ivoire is most relevant here, because it underlines how subsea wins support SLB’s traditional energy thesis even as it experiments with AI driven data center infrastructure. For investors watching near term catalysts, this type of multi well project helps frame how newer initiatives like data center power solutions sit alongside, rather than replace, SLB’s existing offshore and upstream exposure.

    Yet, while AI powered data centers grab attention, investors still need to be aware of the risk that global upstream spending...

    Read the full narrative on SLB (it's free!)

    SLB's narrative projects $42.2 billion revenue and $5.6 billion earnings by 2029. This requires 5.5% yearly revenue growth and a roughly $2.3 billion earnings increase from $3.3 billion today.

    Uncover how SLB's forecasts yield a $61.39 fair value, a 29% upside to its current price.

    Exploring Other Perspectives

    SLB 1-Year Stock Price Chart
    SLB 1-Year Stock Price Chart

    Some of the lowest ranked analysts saw a tougher road, with revenues at about US$39.2 billion and earnings near US$4.8 billion by 2029, so if you see SLB’s new AI focused power alliance differently or question whether ChampionX and digital can offset energy transition pressures, it is worth comparing your view with these more cautious assumptions.

    Explore 7 other fair value estimates on SLB - why the stock might be worth as much as 96% more than the current price!

    The Verdict Is Yours

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

    • A great starting point for your SLB research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
    • Our free SLB research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate SLB's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.