石油服务——人工智能：为时尚早，尚未成熟——谁会在意石油服务行业中智能体AI的自我意识？

Oil Services – Artificial Intelligence: later, not quite yet - whocares of the ego of an Agentic AI in the Oil Services industry? Sooner.In the late 1970s, Jean Riboud, the CEO of Schlumberger, was pondering in his ParkAvenue office full of Rothko paintings: “can I create something BIG by putting Oil Services andchips together?” Having just acquired US chip company Fairchild for $425m, Riboud explicitlymentioned Artificial Intelligence in the company’s 1979 annual report. All the stars seemedaligned, and a vision was set (even if the Fairchild acquisition proved a poor investment). Guillaume Delaby+33 1 42 13 62 29guillaume.delaby@bernsteinsg.com Luis-Fernando Sarmiento+44 20 7762 1851luis-fernando.sarmiento@bernsteinsg.comRichard Nguyen+33 1 42 13 54 22richard.nguyen@bernsteinsg.com Later. Our December 2025 view was that the Oil Services industry was about to catchup.Back in December 2025, we assessed the digital maturity of the O&G and Oil servicesindustries with our colleague Richard Nguyen. We concluded that: 1) these two industrieswere VERY late in their adoption of AI/digital tools;and 2) thata catch-up did seem to beimminent (2026-27?). Specialist Sales Gareth Williams+44 20 7762 5256gareth.b.williams@bernsteinsg.com Later. Our new May 2026 view – AI/Digital adoption may be delayed for longer (catchup in 2028-29?).Priorities have changed with the conflict in the Middle East. While theadoption of AI/Digital across the industry continues – and is even (slowly) accelerating –AI/Digital is no longer the major theme we had expected it to be in January 2026. Since March/April 2026, the CEOs of large oil services companies have been engaging extensively withgovernments, whose priorities have shifted dramatically towards security/diversity of supply Human league.An O&G reservoir is a complex and evolving ecosystem that, like the humanbody, requires regular monitoring through repeated imaging (= seismic) and blood tests (=drilling). This is where AI can mainly bring additional revenue:more (quality) data→more The AI opportunity can be estimated at c.$5.6bn p.a. 1)It comprises both AI-relatedadditional revenue (c.$1.0bn/18%) and cost improvements (c.$4.6bn/82%).2)It can besplit between Oil Field Services (OFS, c.$3.3bn/59%) and Engineering & Construction (E&C,c.$2.3bn/41%) companies.3)The c.$3.3bn OFS opportunity may come from both costimprovements (c.$2.3bn) and revenue (c.$1.0bn).4)The c.$2.3bn E&C opportunity is likely to Amara’s law is unlikely to apply to Oil Services.Amara’s law is the tendency to both;1) overestimate the ST impact of a technology; and 2) underestimate its LT effects. In thisreport, we conclude that:1)the O&G and Oil Services industries is very late with its Digital/AI adoption;2)catch-up may now be delayed to 2028-2029, rather than 2026-2027;3) the AI/Digital opportunity could nonetheless triple of the over the next 5 years, and maypotentially add an incremental c.1.7% to EBITDA margins;4)most of the gains may comefrom cost optimisations (rather than additional revenue);5)regarding additional revenue,OFS in general, and seismic companies in particular, are better positioned; and6)SLB BERNSTEIN TICKER TABLE VALUATION COMPS TABLE Table Of Contents Previous research.....................................................................................................................................................................................................................5Previous research on SLB.....................................................................................................................................................................................................6Previous research on Viridien..............................................................................................................................................................................................7Oil Services & AI....................................................................................................................................................................................................................... 8Poetry, Vision, Applications................................................................................................................................................................................................10AI in the O&G Industry.........................................................................................................................................................................................................14AI in the Oil Services Industry...........................................................................................................................................................................................19Assessing the impact of AI on some of our companies.......................................................................................................................................