ADNOC Drilliing to take 70% stake in rigs JV with SLB
ADNOC Drilling Co. will acquire a 70% stake in a joint venture (JV) with SLB's land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies of both countries.
The formation of the JV and the acquisition of a 70% stake, is expected in Q1 2026 once regulatory approvals are secured. ADNOC Drilling did not disclose the value of the stake.
The NYSE-listed SLB, formerly known as Schlumberger Limited, is a technology and services provider to the energy industry.
Through this acquisition, ADNOC Drilling will gain immediate access to earnings, cashflow and returns through two operating land drilling rigs in Kuwait and six in Oman. ADNOC Drilling, which is listed on the ADX, expects to consolidate the newly acquired business in its financial reporting from 2026.
(Writing by Brinda Darasha; editing by Seban Scaria)
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