ADNOC Drilling will acquire a 70% stake in the JV with SLB
ADNOC Drilling Company announced that it has signed an agreement to acquire a 70% stake in SLB’s land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies (NOCs) of both countries.
“This acquisition is a natural next step in ADNOC Drilling’s growth journey and reinforces our position as one of the leading companies in drilling and integrated services. Our partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region,” commented Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling.
Accelerating expansion
Through this partnership, ADNOC Drilling will gain immediate access to earnings, cashflow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies.
This acquisition will enhance the Company’s ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimizing performance, reducing environmental impact and driving value for customers across the region.
“We are confident that, working together with ADNOC Drilling, the business will continue to grow and deliver outstanding performance for our customers,” remarked Jesus Lamas, President, Middle East and North Africa, SLB.
