Equity Snap: SLB (SLB US) New global data center alliance with Liberty Energy

Research evidence excerpt

Equity Snap: SLB (SLB US) New global data center alliance with Liberty Energy

14 July 2026

Equity Snap: SLB (SLB US) Equities Energy Equipment &

Services

New global data center alliance with Liberty Energy United States

◆ Combining SLB’s modular infrastructure solutions, project Samantha Hoh, CFA

execution and global footprint with Liberty’s BTM systems Senior Analyst, Clean Tech HSBC Securities (USA) Inc.

samantha.hoh@us.hsbc.com

◆ Accelerating global deployment, with SLB to ship more than +1 212 525 8783

2GW by year-end and Liberty targeting 3GW by 2029

SLB (SLB US, USD47.36, Buy, TP USD68.00)

(Priced as of 13 Jul 2026)

SLB and Liberty Energy (LBRT US, not rated, CMP USD25.23) announced they have

formed a new strategic alliance to deliver modular infrastructure solutions and

integrated power generation for data center projects globally. The agreement

combines SLB’s modular infrastructure solutions, project execution capabilities and

global market reach with Liberty’s modular power generation systems, behind-the-

meter (BTM) intelligent power controls and operational expertise. Both companies

also plan to “collaborate on technologies aimed at improving the efficiency, flexibility

and environmental performance of future data center energy systems, including

hybrid power systems, digital energy management and advanced power

architectures”.

SLB’s Data Center Solutions (DCS) business has shipped more than 1.3GW of

prefabricated modular infrastructure for data center projects since April 2024.

Reported in the Digital segment, DCS posted revenue growth of +45% y-o-y in 1Q26

and management indicated it would be its fastest growing business for years to

come. Supported by a doubling of its Shreveport facility footprint and manufacturing