ADNOC Drilling Acquires 70% of SLB’s Drilling Business in Oman and Kuwait
ADNOC Drilling is acquiring a 70% stake in the drilling business of oilfield services company SLB (formerly Schlumberger) in Oman and Kuwait for approximately $112 million. A joint venture will be established based on these assets.
The deal, expected to close in the first quarter of 2026, will give ADNOC Drilling (a subsidiary of the state oil company of Abu Dhabi, ADNOC) access to eight operational onshore drilling rigs: six in Oman and two in Kuwait.
The company has plans to at least double the number of these drilling rigs, Reuters reported, citing ADNOC Drilling’s CFO Yousef Salem. He also clarified that the company will pay $91 million for its stake in the deal, with the remaining $21 million to be paid to SLB later, depending on the joint venture’s success.
The financing of the deal will be supported by a $1 billion loan obtained by ADNOC Drilling from a group of regional and international banks.
This transaction will mark ADNOC Drilling’s first expansion into drilling operations outside the United Arab Emirates, except for one rig in Jordan. Salem stated that the company will focus on expanding its presence in Oman and Kuwait through new acquisitions and participation in tenders, and it will also explore opportunities to enter other markets.
