• In late June 2026, Kuwait Oil Company announced it had awarded SLB a seven-year Ahmadi Innovation Valley contract, under which SLB will establish a dedicated innovation facility in Kuwait and collaborate on applied research, AI, industrial IoT, production optimization, reservoir technologies, water management and energy transition programs.
• Away from the Middle East, SLB has also been rapidly scaling its Shreveport, Louisiana advanced manufacturing footprint to more than 3.10 million square feet and an expected 1,400 employees, underscoring how its technology-heavy operations now span both digital innovation and large-scale industrial capacity.
• We’ll now examine how SLB’s long-term Ahmadi Innovation Valley technology partnership with Kuwait Oil Company could reshape its investment narrative.

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SLB Investment Narrative Recap

To own SLB, you have to believe its mix of traditional oilfield services, digital platforms and new energy projects can support durable earnings despite cyclicality and energy transition pressures. The Kuwait Oil Company Ahmadi Innovation Valley contract and the Shreveport expansion both reinforce that technology and scale remain central, but they do not fundamentally change the near term focus on Q2 2026 earnings volatility and the key risk around global upstream spending cuts and project delays.

The Ahmadi Innovation Valley agreement with Kuwait Oil Company looks most relevant here, because it ties directly into SLB’s push into AI, industrial IoT and digital production optimization. That contract sits alongside moves like the SLB Digital Marketplace launch, which is aimed at scaling AI agents and domain models across energy workflows. Together, they highlight how SLB’s main catalysts are increasingly tied to execution in software, data and automation rather than just traditional equipment cycles.

Yet while contracts like Ahmadi can help, investors also need to be aware of the risk that...

SLB's narrative projects $42.2 billion revenue and $5.6 billion earnings by 2029.

Uncover how SLB's forecasts yield a $61.39 fair value, a 36% upside to its current price.

Exploring Other Perspectives

Some of the lowest ranked analysts were assuming only about 2.8 percent annual revenue growth to roughly US$39.1 billion and earnings of US$4.8 billion by 2029, so compared with the more constructive digital and Middle East catalysts you have just read about, their view is much more cautious and may need to be reassessed in light of contracts like Ahmadi and SLB’s expanding AI footprint.

Explore 7 other fair value estimates on SLB - why the stock might be worth as much as 93% more than the current price!

Decide For Yourself

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.