SLB’s US$4.1-billion acquisition of thermal-management specialist Kelvion signals how quickly geothermal infrastructure and data-centre cooling are converging into one industrial market.
The transaction includes US$3.4 billion in cash and approximately US$700 million of assumed debt. Subject to regulatory approval, it is expected to close during the first half of 2027.
Kelvion manufactures heat exchangers and thermal-management systems for data centres, renewable energy, heat pumps, carbon capture and other industrial applications. Data centres are now its largest and fastest-growing market, with 2026 revenue expected to reach between US$1.2 billion and US$1.3 billion.
SLB brings global subsurface expertise, engineering, modular manufacturing, digital systems and energy infrastructure capabilities. Adding Kelvion gives the company a stronger position in the critical process of capturing, transferring and rejecting heat from high-density AI facilities.
The combined data-centre business is expected to generate more than US$2 billion in 2026 revenue. SLB is targeting US$4.5 billion to US$5 billion by 2028.
For geothermal infrastructure, the strategic signal is significant. AI campuses increasingly need power and cooling designed as one integrated system. Geothermal resources can provide baseload electricity and stable subsurface temperatures, while advanced heat exchangers connect those resources to facility cooling networks.
SLB’s move shows that energy-service companies no longer view data centres as technology buildings alone. They are becoming complex energy and thermal assets—and geothermal infrastructure can serve both sides of that equation.
Source: World Oil, “SLB Expands Data Center Business With $4.1 Billion Kelvion Acquisition,” August 31, 2026.
