Schlumberger Rebrands to SLB in Focus on Clean-Technology Shift

(Bloomberg) -- Schlumberger, the world’s biggest oilfield services provider, is changing its name to SLB and rebranding itself as a technology company to go after more work in the clean-energy space. 

The new name, which is the same as its ticker symbol, comes after several years of planning, the Houston- and Paris-based company said Monday in a statement. SLB will continue to operate its legacy oil and natural gas business while expanding in technologies to help companies curb emissions of carbon dioxide and methane. It’s all part of an effort to serve the existing oil industry while pivoting toward the energy transition.

“We couldn’t have done it at a better time at a critical juncture in our industry,” Chief Executive Officer Olivier Le Peuch said in a Bloomberg Television interview. “Digital is the future of this industry.”

The name change took effect Monday.

The world’s biggest oilfield contractors are grappling with how they can cash in on expanding drilling spurred by higher crude prices while also capturing business outside of their core oil and gas expertise.

SLB’s latest results reflect the challenge. The company, which generates most of its sales from oilfields outside the US and Canada, posted its best profit in seven years thanks to the expansion in international drilling right now. Meanwhile, its digital and integration unit, the smallest of its four businesses, posted $900 million in third-quarter sales, lagging analysts’ expectations.

Companies in the oil and gas industry have taken to name changes similar to SLB’s including APA and NOV, both reflecting their respective ticker symbols as well.

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