ADNOC Drilling partners with SLB in their Kuwait and Oman land drilling rigs business
Transaction expected to be earnings, cashflow and returns accretive, delivering value from day one
Partnership will provide stable, promising regional growth through operating land drilling rigs and contracts with Kuwait and Oman NOCs
Agreement reflects ADNOC Drilling's commitment to strategic, disciplined, value-driven expansion
Abu Dhabi, UAE: ADNOC Drilling Company PJSC ('ADNOC Drilling' or the 'Company') (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today 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.
Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said: '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. This business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to our portfolio. Our focus is on disciplined expansion that drives performance, returns and growth.'
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.
Jesus Lamas, President, Middle East and North Africa, SLB, said: '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.'
Acquisition Closing
The formation of the joint venture (JV) and the acquisition of a 70% stake, along with the completion of this transaction are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the Company's auditor, ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026.
Webcast and conference call
ADNOC Drilling will host a webcast and conference call followed by a Q&A session for investors and analysts on May 29, 2025, at 4:00pm UAE time. The call will be hosted by Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO and Youssef Salem, ADNOC Drilling CFO. Interested parties are invited to join the call by clicking here.
A replay and transcript will be made available following the call, accessible here.
About ADNOC Drilling
ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol 'ADNOCDRILL'; ISIN AEA007301012), 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.
The Company is a critical link in ADNOC's upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables the UAE's gas growth. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain. To find out more, visit: www.adnocdrilling.ae
For media inquiries, please contact: media.adnocdrilling@adnoc.ae
For investor inquiries, please contact: ir@adnocdrilling.ae
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