02:47 PM EDT, 10/03/2024 (MT Newswires) -- Schlumberger's ( SLB ) Delfi platform is gaining momentum with growing number of users and the strong attendance at the 2024 Digital Forum, RBC Capital Markets said in a note emailed Thursday.

"The current Delfi financial impact is relatively small, but the business is important in driving through-cycle growth and capital efficiency for Schlumberger ( SLB )," the firm added.

Digital is one of the three pillars of the company's growth strategy and it expects digital and integration segment to grow at a compound annual growth rate of 8% from 2020 to 2025, with operating margins improving to 34.6% from 23.8%, according to the note.

SLB expects its digital business to reach 10% of corporate revenue by 2030 and to achieve this goal the company's existing products need broader adoption, while new digital offerings must be introduced to expand the addressable market, RBC said.

The firm reiterated its outperform rating for SLB and kept the price target at $69.

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