ADNOC Drilling forms JV with SLB for Kuwait and Oman business
ADNOC Drilling Company has signed an agreement to acquire a 70 per cent stake in SLB's (formerly Schlumberger) land drilling rigs business in Kuwait and Oman, accelerating its expansion plans across the GCC region.
SLB has eight operational land rigs under contract with the respective national oil companies (NOCs) of both countries.
Through the JV, ADNOC Drilling will gain immediate access to earnings, cash flow, and returns through two operating land drilling rigs in Kuwait and six in Oman.
The acquisition will enhance ADNOC Drilling's ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimising performance, reducing environmental impact and driving value for customers.
Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said the Abu Dhabi company's focus is on disciplined expansion that drives performance, returns and growth.
'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,' said Al Seiari.
'Our partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region. This business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to our portfolio.'
The formation of the JV and the acquisition of the 70 per cent stake, along with the completion of this transaction, are subject to mandatory regulatory approvals. It is expected to be completed in the first quarter of 2026. ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026.
Jesus Lamas, President, Middle East and North Africa, SLB, added: 'This partnership reflects the strong collaboration between SLB and ADNOC Drilling, and our shared commitment to driving value through collaboration 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. We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in line with SLB's focused regional growth strategy.'
The Abu Dhabi-based company is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world.
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