ADNOC Drilling has signed an agreement to acquire a 70% stake in SLB’s land drilling rigs operations in Kuwait and Oman.
This strategic move involves eight land rigs currently under contract with the national oil companies (NOCs) of the two countries.
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By acquiring the majority stake, ADNOC Drilling will benefit from increased earnings, cash flow, and returns from two operational land rigs in Kuwait and six in Oman.
The move is also expected to enhance ADNOC Drilling’s capacity to deploy integrated drilling services and digital solutions, including AI.
ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari 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.
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By GlobalDataThe formation of the joint venture (JV) and the completion of the transaction are contingent upon obtaining the necessary regulatory approvals.
These approvals are anticipated to be secured in the first quarter (Q1) of 2026.
SLB Middle East and North Africa president Jesus Lamas 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.”
This month, ADNOC entered into several agreements with energy companies based in the US.
These deals could potentially unlock investments amounting to $60bn from the US into energy projects in the United Arab Emirates.
