Latest news with #oilfieldservices
The National
4 days ago
- Business
- The National
Adnoc Drilling signs SLB deal to expand into Kuwait and Oman
Adnoc Drilling, the Middle East's largest drilling company, has signed a joint venture agreement with global oilfield services company SLB for its land drilling rigs business in Kuwait and Oman, as the Abu Dhabi company seeks to expand beyond the UAE. The Abu Dhabi company will acquire a 70 per cent stake in the joint venture, it said on Thursday. The agreement includes eight fully operational land rigs (two in Kuwait and six in Oman) under contract with the respective national oil companies of both countries, Adnoc Drilling said. 'Our partnership with SLB will provide Adnoc Drilling with a solid operational and financial platform to further expand in the region,' Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said. '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 latest joint venture is in line with Adnoc Drilling's aim to boost its partnerships and acquisitions in 2025. The company's profit rose by nearly a quarter to $341 million in the first three months of the year due to growth in its rig fleet and expansion in new markets. The Adnoc unit is looking for 'potential joint ventures' and partnerships that 'go beyond' Abu Dhabi, Mr Al Seiari told The National earlier this month. 'We are looking at other potential joint ventures … those are on the table [and] we are studying them,' he said at the time. Last year, the company teamed up with Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, to launch Enersol, a tech-focused venture. It aims to invest $1.5 billion in technology-driven companies in the oilfield services sector by the end of 2025. Enersol has already acquired four companies and has spent $800 million out of the $1.5 billion capital expenditure set aside for the end of 2025. Through the new partnership with SLB, Adnoc Drilling said it will gain immediate access to earnings, cash flow and returns through the operating land drilling rigs in Kuwait and Oman, accelerating its expansion into key Gulf geographies. Jesus Lamas, president of Middle East and North Africa at SLB, said the company looks forward to expanding its 'broader strategic partnerships with key regional leaders across the energy value chain'. The formation of the joint venture and the acquisition of the 70 per cent stake, along with the completion of the transaction, are subject to regulatory approvals, likely in the first quarter of 2026, the company said. Adnoc Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026, it said. The Abu Dhabi company is the largest integrated drilling services company in the Middle East by fleet size. It owned 142 rigs – 95 onshore and 47 offshore – by the end of last year, with three new island rigs on order for 2026. The company expects that to grow to at least 148 rigs by the end of 2026 and 151 by the end of 2028.
Reuters
23-05-2025
- Business
- Reuters
UK's Wood Group chair plans exit pending strategic clarity
May 23 (Reuters) - British oilfield services firm Wood Group (WG.L), opens new tab said on Friday its chairman, Roy Franklin, will stand for re-election at its annual general meeting but plans to step down once the company's future direction becomes clear.
Yahoo
22-05-2025
- Business
- Yahoo
Borr Drilling: Q1 Earnings Snapshot
HAMILTON, Bermuda (AP) — HAMILTON, Bermuda (AP) — Borr Drilling Ltd. (BORR) on Wednesday reported a first-quarter loss of $16.9 million, after reporting a profit in the same period a year earlier. The Hamilton, Bermuda-based company said it had a loss of 7 cents per share. The oilfield services company posted revenue of $216.6 million in the period. In the final minutes of trading on Wednesday, the company's shares hit $1.65. A year ago, they were trading at $6.03. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BORR at
Reuters
20-05-2025
- Business
- Reuters
UK's Petrofac secures court approval for $355 million funding boost
May 20 (Reuters) - British oilfield services provider Petrofac (PFC.L), opens new tab on Tuesday said it has secured High Court approval for its restructuring plan, unlocking $355 million in funding to significantly reduce its debt. The embattled firm struggled with cost overruns and payment delays for most of last year, leading to multiple profit warnings in the past year.
Al Bawaba
19-05-2025
- Automotive
- Al Bawaba
Al Masaood Group Takes Part in Make It In The Emirates Forum 2025
Al Masaood Group – one of Abu Dhabi's leading business conglomerates, is taking part in 'Make It In The Emirates 2025', running from 19-22 May at the Abu Dhabi National Exhibition Centre (ADNEC). During the forum, Al Masaood is spotlighting its various industrial business units including Al Masaood Industries, Al Masaood Motor Tech, Al Masaood Projects and Engineering Services Division (PESD), and Al Masaood Bergum. Al Masaood Industries, one of the divisions featured, leverages cutting-edge technology to design, manufacture, and upgrade oilfield servicing equipment such as Batch Mixing Equipment, and Cementing and Stimulation Pumping units. During the forum, the division is showcasing its '2000 HP Trailer-mounted Fracturing Pump' a recently developed innovative and high-quality solution for the oil and gas industry. By offering bespoke, high-performance systems tailored to the operational needs of clients, Al Masaood Industries continually supports the UAE's industrial self-reliance and actively contributes to the growth of the national manufacturing industry. Ahmed Salmeen, Chief Executive Government Affairs, Al Masaood, said: 'Our participation in 'Make It In The Emirates' reaffirms our commitment to supporting the UAE Vision 2031 and national priorities such as diversification, industrial identity, and sustainable development. At Al Masaood, we believe in the power of public-private partnerships to drive industrial progress. With our innovation-driven mindset, experience in the market, and wide network of partners, we continue to stand as a trusted partner to the government in building customised solutions for a more resilient, diversified economy.' Another significant aspect of Al Masaood's involvement in the forum is its role on the Senior Jury for the MIITE Awards, reinforcing the Group's leadership within the sector and its commitment to recognising and promoting innovation and excellence across the industry. First launched in 2022, this influential forum, organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC, has swiftly established itself as one of the region's foremost platforms for industrial development. Through its presence at the forum, Al Masaood aims to highlight the Group's strategic focus and capabilities to deliver solutions that are custom-built to meet diverse industry needs.
