SLB has announced its full-year results for 2023 revealing a significant increase in revenue, reaching $33.1 billion, representing an 18% year-on-year growth.

The company also reported an Adjusted EBITDA of $8.11 billion, marking a 25% increase compared to the previous year.

“The fourth quarter was an impressive conclusion to the year’s financial results. We grew revenue both sequentially and year-on-year, and we achieved cycle-high margins and cash flows during the quarter,” said Olivier Le Peuch CEO & Director of SLB.

SLB’s free cash flow of $4.0 billion enabled a reduction of net debt by $1.4 billion and a return of $2.0 billion to shareholders through dividends and stock repurchases.

“Our strong performance was fueled by the international and offshore markets and was supported by robust sales in digital and integration of the acquired Aker subsea business,” Le Peuch added.

Notably, fourth-quarter revenue saw an 8% sequential increase, with the acquired Aker subsea business accounting for approximately 70% of the growth.

According to Le Peuch, the company’s international shift in investment has accelerated during the year with fourth-quarter revenue growth driven by the Middle East, Asia, Europe, and Africa where the company continues to benefit from long-cycle developments, capacity expansions and exploration and appraisal activities.

Year on year, fourth-quarter revenue increased 25%, propelled by significant growth in Saudi Arabia, the United Arab Emirates, Egypt & East Mediterranean, Kuwait, Oman, and East Asia GeoUnits.

In the offshore basins, the company benefited from long-cycle developments, capacity expansions, and exploration and appraisal activities with remarkable growth in Brazil and Angola and very solid increases in the US Gulf of Mexico, Guyana, and Norway.

In North America, while activity moderated as expected in the second half of the year, revenue increased by 12% year on year, outpacing the rig count. This outperformance was driven by the company’s technology-leveraged portfolio in both US land and the US Gulf of Mexico.

“We’ve also seen further investments in digital technologies for planning and operational efficiencies. This is driving growth today and presenting opportunities into the future,” said Le Peuch.

SLB, a global technology company with a presence in more than 100 countries, has more than 6,000 DELFI users and achieved full-year digital revenue of over $2 billion, with new technology platforms growing at a CAGR of 60% since 2021.

Notably, SLB repurchased 1.8 million shares of its stock during the fourth quarter and returned a total of $2 billion to shareholders in the form of dividends and stock repurchases for the full year.

The company plans to increase its share repurchase program in 2024 and target a return – to return more than $2.5 billion to shareholders this year, an increase of more than 25% compared to 2023.