Latest news with #SLB
Observer
6 hours ago
- Business
- Observer
ADNOC Drilling enters Oman market in $112m deal
Muscat : In a strategic move set to reshape Oman's upstream oilfield services landscape, ADNOC Drilling has acquired a 70% stake in SLB's land drilling rigs business in the Sultanate, marking the UAE-based firm's first operational entry into the Omani market. The deal involves the transfer of six fully operational land rigs in Oman, all under contract with national operators, including Petroleum Development Oman (PDO). The acquisition is part of a wider $112 million agreement between ADNOC Drilling and SLB (formerly Schlumberger), and is expected to close in the first quarter of 2026, pending regulatory approvals. 'This acquisition provides ADNOC Drilling with an immediate footprint in Oman's high-growth drilling market, supported by long-term contracts and a stable operating environment,' the company said in a statement. The rigs are currently deployed in core oilfields that form part of Oman's energy backbone. ADNOC Drilling aims to scale up operations, introduce digital drilling optimisation tools, and enhance rig performance through AI-enabled platforms. The deal aligns with Oman's Vision 2040 goals to attract regional investment, boost in-country value (ICV), and enhance efficiency in hydrocarbon production. It also comes as the Ministry of Energy and Minerals accelerates upstream development, particularly in mature oil blocks requiring enhanced recovery and cost-effective drilling. Industry analysts say ADNOC Drilling's entry is a significant vote of confidence in Oman's upstream sector. With a majority of the assets located in Oman, the acquisition reaffirms the Sultanate's importance as a strategic energy partner in the Gulf. 'Beyond rig deployment, ADNOC Drilling's model includes integrated drilling services, digital workflows, and regional supply chain development—bringing advanced capabilities to Oman's oilfields,' said an energy analyst based in Muscat. The investment is expected to support Omani SMEs and contractors through subcontracting and local procurement. It could also generate new employment opportunities for Omani nationals in rig operations, logistics, and technical services.
India.com
2 days ago
- Entertainment
- India.com
Love & War : Netizens Go Into Frenzy After Ranbir And Vicky's Poster With Moustache Look Spotted At Salon
New Delhi: Sanjay Leela Bhansali is a visionary filmmaker and one of the finest talents in Indian cinema. Known for his grand storytelling and opulent visuals, his films are nothing short of iconic. Each project is a cinematic experience, and fans now eagerly await his next masterpiece, Love & War. Touted as one of Bollywood's biggest and most anticipated films, it features three powerhouse performers, Ranbir Kapoor, Vicky Kaushal, and Alia Bhatt. The buzz around the film is immense, and excitement is only growing. Recently, netizens spotted posters of Ranbir and Vicky with moustaches at a salon, which has sent fans into a frenzy. Social media is abuzz with reactions, with users sharing how they discovered the poster and expressing how they simply can't keep calm for Love & War. A netizen wrote, 'Walked past this salon today and saw Ranbir Kapoor with a full vintage moustache on their wall?? Vicky too?? Like—what's happening?! #SanjayLeelaBhansali hasn't even dropped a frame and the vibe is already immaculate' Another fan shared the poster and wrote, 'Was just passing by a salon and spotted posters of Ranbir Kapoor and Vicky Kaushal with those sharp moustache looks Wait—is this a hint on their look? Coz it's giving serious SLB mood #LoveAndWar is lowkey already in motion??' 'Just casually saw Ranbir Kapoor and Vicky Kaushal's look posters at a salon — moustaches, old-school charm, the works Bhansali hasn't even released a teaser and we're already in the zone. #LoveAndWar is coming in hotttt ', shared a fan. 'Why did I just spot SLB's boys in full glam mode at a random salon wall?? Ranbir, Vicky… moustache, mystery, mood This build-up to #LoveAndWar is so quiet but SO loud, ' read a fan's tweet. A fan tweeted, 'Ummm did anyone else spot Ranbir Kapoor and Vicky Kaushal's moustache look at that Bandra salon?? It's and now I'm counting down to literally anything from #LoveAndWar ' Ranbir Kapoor and Vicky Kaushal's look from Love & War has already set social media ablaze, raising anticipation sky-high. With each passing day, the excitement only grows stronger. According to reports, the film recently saw its three stellar leads, Alia Bhatt, Ranbir, and Vicky, come together for the first time to shoot an intense sequence. While the makers are keeping everything tightly under wraps, the buzz promises a cinematic spectacle unlike anything Bollywood has witnessed in recent years.
Zawya
3 days ago
- Business
- Zawya
ADNOC Drilling to take 70% stake for $112mln in rigs JV with SLB
ADNOC Drilling Co. will acquire a 70% stake for $112 million in a joint venture (JV) with SLB's land drilling rigs business in Kuwait and Oman. The JV comprises 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 will fund the transaction through its existing debt capacity. 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. "The headline valuation (3.5x EV/EBITDA) is accretive and we estimate could yield a 15% IRR i.e a 200 bps premium to the top end of the domestic framework," said Oliver G Connor, analyst at Citi Research, in a note. The deal is a first step in meeting the company's broader ambition to reach a 10% market share in the Oman/Kuwait market (i.e 30 rigs) with the flexibility to bring rigs back to the UAE in the long term, Connor added. 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)
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.
Zawya
3 days ago
- Business
- Zawya
ADNOC Drilling buys into SLB's Oman and Kuwait rig business
ADNOC Drilling will acquire a 70% stake in oil services firm SLB's onshore rig business in Oman and Kuwait for up to $112 million, creating a joint venture it seeks to double in the next year, its chief financial officer said on Thursday. The acquisition, expected to close in the first quarter of 2026, will give ADNOC Drilling - a unit of Abu Dhabi state oil major ADNOC - access to eight operational onshore drilling rigs, six in Oman and two in Kuwait. "So we have things in the pipeline that will potentially at least double that existing, initial eight rigs footprint," ADNOC Drilling CFO Youssef Salem told Reuters. ADNOC Drilling will pay $91 million for the stake, with another $21 million payout to SLB linked to business performance, Salem said. The current oil price and macroeconomic environment "put pressure on valuations and multiples globally ... and reduces the pool of potential buyers for such assets, generally, and hence presents a competitive advantage, especially for a cash buyer," he said. The transaction will be financed by drawing from a $1 billion revolving loan that ADNOC Drilling has with a group of regional and international banks. The loan matures in the fourth quarter and will be refinanced before then, Salem said. The deal will mark the first drilling operations outside the United Arab Emirates for the company, apart from a single rig in Jordan. ADNOC Drilling's focus will be on growing its scale in Oman and Kuwait, through acquisitions as well as tenders, while also evaluating expansion into other markets, Salem said. (Reporting by Yousef Saba; Editing by David Holmes)
