ADNOC Drilling to Buy 70% of SLB’s Land Drilling Business in Kuwait and Oman
ADNOC Drilling from the UAE said it has agreed to buy 70% of Schlumberger’s land drilling business in Kuwait and Oman, according to a stock market filing on Thursday.
Acquisition Details
ADNOC Drilling is buying eight land drilling rigs that are all working now and have contracts with the national oil companies in both countries. This was announced on the Abu Dhabi Exchange (ADX). The price of the deal was not shared.
With this deal, ADNOC Drilling will start earning money right away from two rigs in Kuwait and six rigs in Oman. This helps ADNOC Drilling grow faster in important Gulf countries.
The companies will create a joint venture (JV). ADNOC Drilling will buy 70% of SLB, but the deal still needs approval from regulators. It should be completed by early 2026.
After the deal is finished and checked by the company’s auditor, ADNOC Drilling will include SLB’s business fully in its financial reports starting in 2026.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said the partnership with SLB will give ADNOC Drilling a strong base to grow more in the region. SLB’s business is stable with long-term contracts, making this a valuable addition.
This deal will also help ADNOC Drilling use advanced technology, digital tools, and AI to work better, protect the environment, and give more value to customers in the region.
Energy Joint Venture
In December 2024, ADNOC Drilling made a deal to start Turnwell Industries, a joint venture with SLB and Patterson-UTI. This new company will focus on unconventional energy in the UAE, which needs special extraction methods.
Using new AI technology and smart drilling techniques, Turnwell Industries will help provide the UAE with more unconventional oil and gas.
Big Number
$1.17 billion is ADNOC Drilling’s revenue in the first quarter of the year. This is 32% higher than last year, thanks to strong growth in its land drilling and oilfield services businesses.
Published: 30th May 2025
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