emirates7 - 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. This deal includes eight active land rigs currently operating under contracts with the national oil companies (NOCs) of both countries.
Commenting on the acquisition, ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said, “This move marks a strategic milestone in our continued growth and strengthens our position as a leading provider of drilling and integrated services. Our collaboration with SLB offers a strong operational and financial platform to expand further within the region.
The acquired business is profitable, well-established, and operates under long-term contracts, making it a valuable and strategic fit for our portfolio. Our approach remains focused on disciplined growth that enhances performance, generates strong returns, and drives sustained expansion.”
This transaction allows ADNOC Drilling to gain immediate financial benefits, including earnings and cash flow, through the acquisition of two rigs in Kuwait and six in Oman. It also accelerates the company’s presence in critical GCC markets.
In addition, the deal strengthens ADNOC Drilling’s capabilities in deploying advanced technologies, integrated services, and AI-powered digital solutions. These enhancements are expected to boost operational efficiency, lower environmental impact, and greater value for clients across the region.
Jesus Lamas, President of SLB for the Middle East and North Africa, stated, “This agreement highlights the strong collaboration between SLB and ADNOC Drilling and underscores our joint commitment to creating value through regional partnerships.
We believe this business will continue to thrive and deliver exceptional results for customers with ADNOC Drilling at the helm. We’re excited to deepen our strategic partnerships with key players in the region as part of SLB’s targeted regional expansion strategy.”
The formation of the joint venture and ADNOC Drilling’s acquisition of the 70% stake are contingent on regulatory approvals, which are expected to be finalized in the first quarter of 2026.
Following the transaction’s completion and subject to the auditor’s final review, ADNOC Drilling plans to fully integrate the acquired business into its financial statements beginning in 2026.
Commenting on the acquisition, ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said, “This move marks a strategic milestone in our continued growth and strengthens our position as a leading provider of drilling and integrated services. Our collaboration with SLB offers a strong operational and financial platform to expand further within the region.
The acquired business is profitable, well-established, and operates under long-term contracts, making it a valuable and strategic fit for our portfolio. Our approach remains focused on disciplined growth that enhances performance, generates strong returns, and drives sustained expansion.”
This transaction allows ADNOC Drilling to gain immediate financial benefits, including earnings and cash flow, through the acquisition of two rigs in Kuwait and six in Oman. It also accelerates the company’s presence in critical GCC markets.
In addition, the deal strengthens ADNOC Drilling’s capabilities in deploying advanced technologies, integrated services, and AI-powered digital solutions. These enhancements are expected to boost operational efficiency, lower environmental impact, and greater value for clients across the region.
Jesus Lamas, President of SLB for the Middle East and North Africa, stated, “This agreement highlights the strong collaboration between SLB and ADNOC Drilling and underscores our joint commitment to creating value through regional partnerships.
We believe this business will continue to thrive and deliver exceptional results for customers with ADNOC Drilling at the helm. We’re excited to deepen our strategic partnerships with key players in the region as part of SLB’s targeted regional expansion strategy.”
The formation of the joint venture and ADNOC Drilling’s acquisition of the 70% stake are contingent on regulatory approvals, which are expected to be finalized in the first quarter of 2026.
Following the transaction’s completion and subject to the auditor’s final review, ADNOC Drilling plans to fully integrate the acquired business into its financial statements beginning in 2026.