SLB, one of the largest providers of oil field support services, is expanding its data center business after acquiring a provider of cooling systems.

SLB Ltd. agreed to acquire Kelvion, a provider of data center cooling services, from investors including Apollo Funds for $3.4 billion in cash.

SLB has looked beyond the Middle East, capitalizing on revenue opportunities in other regions and in the AI market.

SLB, the world’s biggest oil field services provider, rose the most in more than six months after the company said it expects constructive oil and gas investment in 2027 driven by supply disruptions from the conflict in the Middle East.

This week will offer the clearest picture yet of the Iran war’s impact on the world’s biggest oil field service providers, with the likes of SLB Ltd., Baker Hughes Co. and Halliburton Co. all expected to take hits to their bottom line.

SLB, the world’s largest oil field service provider, has agreed to partner with Liberty Energy Inc. to provide modular parts and power for data centers. This collaboration is part of a trend where energy companies are positioning themselves to benefit from the artificial intelligence boom.