DEF: SLB N.V. Name Change Proposed for Shareholder Vote

Schlumberger N.V. seeks shareholder approval to officially change its legal name to SLB N.V., aligning with its 2022 rebranding initiative.

Summary

• A Special General Meeting of Shareholders is scheduled for Tuesday, October 7, 2025, at 9:00 a.m. Curaçao time.
• Shareholders will vote on amending the Articles of Incorporation to change the company's legal name from Schlumberger N.V. to SLB N.V.
• The proposed amendment also permits the use of SLB Limited and SLB Ltd. abroad and in transactions with foreign entities, persons, or organizations.
• The Board of Directors unanimously adopted the proposed amendment on July 17, 2025, contingent upon shareholder approval.
• The rebranding to SLB in 2022 was undertaken to reflect the company's evolution over its nearly 100-year history and its commitment to energy technology.
• The Articles of Incorporation will retain the ability for the company to use the name Schlumberger Limited abroad to protect its historic value and facilitate an orderly transition.
• Adoption of the proposal requires a vote in favor by a majority of the company's shares outstanding and entitled to vote.
• As of July 31, 2025, 1,493,639,207 shares of common stock were outstanding.
• As of the record date, September 3, 2025, 1,493,878,835 shares of SLB common stock were outstanding and entitled to vote.
• Beneficial ownership by all directors and executive officers as a group (23 persons) totals 3,353,390 shares, representing less than 1% of the class.
• Major beneficial owners include The Vanguard Group (150,305,453 shares, 10.1%), BlackRock, Inc. (108,344,912 shares, 7.3%), State Street Corporation (84,804,647 shares, 5.7%), and T. Rowe Price Associates, Inc. (81,758,472 shares, 5.5%).

Sentiment

Score: 7

Explanation: The filing is a routine administrative proxy statement for a name change, reflecting a positive alignment with the company's established brand identity. There are no negative financial or operational implications, and the Board unanimously recommends approval.

Positives

• The proposed name change aligns the company's legal identity with its established SLB brand, enhancing consistency.
• The amendment provides flexibility by permitting the use of SLB Limited and SLB Ltd. for international operations.
• The retention of 'Schlumberger Limited' as an alternative name abroad protects the company's historic value and allows for an orderly transition.
• The Board of Directors unanimously recommends a 'FOR' vote, indicating strong internal support for the proposal.

Future Outlook

The proposed amendment to the Articles of Incorporation is anticipated to become effective as soon as practicable following the Special Meeting, assuming shareholder approval.

Management Comments

• "Our Board is recommending this amendment to our Articles of Incorporation to align the Company’s legal name to its new brand identity, by changing Schlumberger N.V. to SLB N.V., with SLB Limited and SLB Ltd. being available as alternative names for use outside Curaçao."
• "In addition, in order to protect the historic value of the Company’s original name and to allow for an orderly transition, our Board is recommending that our Articles of Incorporation retain the ability for the Company to use the name Schlumberger Limited abroad."
• "The Board of Directors recommends a vote FOR this proposal."

Industry Context

The company's 2022 rebranding from Schlumberger to SLB, which this legal name change formalizes, reflects a strategic evolution over its nearly 100-year history. This move signals a broader focus on creating technology that unlocks access to energy, aligning with wider industry trends towards energy transition, diversification, and a more comprehensive approach to energy solutions beyond traditional oilfield services.

Corporate Governance

Stakeholder Impact

• Shareholders: Required to vote on the administrative name change. The change formalizes the company's public brand, potentially enhancing brand consistency and recognition.
• Employees: A consistent brand identity, reinforced by the legal name change, can foster internal cohesion and clarity regarding the company's strategic direction.
• Customers/Suppliers: The legal name change to SLB N.V. will align the company's official identity with its already established public brand, simplifying recognition and potentially streamlining contractual processes over time.

Next Steps

• Shareholders are encouraged to cast their votes by internet or telephone by October 6, 2025, or in person at the Special Meeting on October 7, 2025.
• If approved, the legal name change will become effective upon the execution and filing of the notarial deed, anticipated shortly after the Special Meeting.
• Shareholders intending to submit proposals for the 2026 Annual General Meeting must adhere to specific deadlines: October 23, 2025, for Rule 14a-8 proposals and proxy access nominations (earliest); December 3, 2025, to January 2, 2026, for other proposals; and February 1, 2026, for Rule 14a-19 notices for director nominees.

Key Dates

Recommendation

The filing is an administrative proxy statement seeking shareholder approval for a legal name change to align with the company's existing brand. It contains no new financial performance data, strategic shifts, or operational updates that would alter the fundamental investment thesis for SLB. Therefore, a 'hold' recommendation is appropriate as there's no basis to change an existing position based solely on this filing.

Keywords

SLB, Schlumberger, Name Change, Corporate Governance, Proxy Statement, Shareholder Meeting, Articles of Incorporation, Energy Services, Oilfield Services