Latest news with #AbdulrahmanAlSeiari
Economy ME
3 days ago
- Business
- Economy ME
ADNOC Drilling to acquire 70 percent stake in SLB's land drilling rigs business in Kuwait and Oman
ADNOC Drilling announced today that it has signed an agreement to acquire a 70 percent 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 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,' stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. The partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region, Al Seiari added. He explained that this business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to ADNOC Drilling's portfolio. 'Our focus is on disciplined expansion that drives performance, returns and growth,' he said. Company accelerates GCC expansion Through this partnership, ADNOC Drilling will gain immediate access to earnings, cash flow 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. '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,' stated Jesus Lamas, president, Middle East and North Africa, SLB. Read: ADNOC Drilling secures $1.15 billion long-term contract for new jack-up rigs Completion of transaction expected in Q1 2026 The formation of the joint venture (JV) and the acquisition of a 70 percent 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. '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,' Lamas added.
Trade Arabia
3 days ago
- Business
- Trade Arabia
Adnoc Drilling to buy 70% stake in SLB Kuwait, Oman rigs unit
Adnoc Drilling Company 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 – optimising 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.' 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. - TradeArabia News Service
Arabian Business
3 days ago
- Business
- Arabian Business
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.
Zawya
3 days ago
- Business
- Zawya
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: For media inquiries, please contact: For investor inquiries, please contact: ir@
Khaleej Times
5 days ago
- Business
- Khaleej Times
Adnoc Drilling secures $1.15 billion, 15-year contract for two jack-up rigs
Adnoc Drilling Company on Tuesday announced the award of a $1.15 billion, 15-year contract for two jack-up rigs by Adnoc Offshore in support of its growing offshore operations. The contract will follow existing agreements, bringing accretive rates that generate long-term revenue and attractive returns. The new rigs represent the latest generation of jack-up rigs and have been prepared for operations at the Lamprell shipyard in Sharjah. The move drives In-Country Value and contribute to the UAE's economic development by fostering local partnerships and prioritising homegrown innovation. The rigs are expected to commence operations around the end of the second quarter of 2025, delivering revenue in the second half of 2025 onwards. This award further derisks and reaffirms Adnoc Drilling's current 2025 and medium-term guidance. With 47 offshore rigs, one of the largest operational offshore fleets in the world, Adnoc Drilling is uniquely positioned to support the UAE's long-term energy strategy. Abdulrahman Abdulla Al Seiari, Adnoc Drilling CEO, said: 'This new contract is a clear vote of confidence in Adnoc Drilling's technical leadership, operational excellence and long-term value creation. By integrating artificial intelligence (AI), automation and digitalisation capabilities, the two new jack-up rigs, our newest and most advanced jack-up rigs, will ensure superior efficiency and performance for our client Adnoc Offshore. With this contract securing operations until 2040 and beyond, and providing strong, resilient and predictable returns, we are not only reinforcing our role in achieving Adnoc's production capacity milestones but also driving sustainable long-term growth for our shareholders.' Tayba Abdul Rahim Al Hashemi, chief executive officer of Adnoc Offshore, said: 'In the past month, Adnoc Offshore has awarded long-term contracts worth c. $3.6 billion to Adnoc Drilling to safely accelerate our production capacity growth plans. Adnoc Drilling's advanced fleet of jack-up and island rigs, market leading integrated drilling services and cutting-edge technologies are critical enablers to deliver Adnoc's ambitious strategy. This partnership will help us to sustainably meet the world's growing energy demands and maximise value for shareholders for decades to come.'
