Muscat – ADNOC Drilling Company, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced on Thursday that it has signed an agreement to acquire a 70% stake in SLB’s land drilling rigs business in Oman and Kuwait. The transaction includes eight fully operational land rigs under contract with the respective national oil companies of both countries.

Through this partnership, ADNOC Drilling will gain immediate access to earnings, cash flow, and returns via six operating land rigs in Oman and two in Kuwait, accelerating its expansion into key GCC markets, the company said in a statement on its website.

The acquisition will enhance the company’s capacity to deploy cutting-edge technologies, integrated drilling services, digital solutions, and AI-driven efficiencies – optimising performance, reducing environmental impact, and delivering greater value to customers across the region.

Abdulrahman Abdulla al Seiari, Chief Executive Officer of ADNOC Drilling, 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 strong operational and financial platform to further expand in the region.

“This business is well-established, profitable, and operating under long-term contracts, making it a highly complementary and value-accretive addition to our portfolio. Our focus remains on disciplined expansion that drives performance, returns, and growth.”

Jesus Lamas, President for the Middle East and North Africa at SLB, said, “This partnership reflects the strong collaboration between SLB and ADNOC Drilling, and our shared commitment to delivering value through cooperation across the region. We are confident that, working in partnership with ADNOC Drilling, the business will continue to grow and achieve outstanding performance for our clients.

“We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in alignment with SLB’s focused regional growth strategy.”

The formation of the joint venture and the acquisition of the 70% stake, as well as the completion of the transaction, remain subject to the necessary and customary regulatory approvals, which are expected in the first quarter of 2026. Upon closing, and subject to final assessment by the company’s auditor, ADNOC Drilling anticipates fully consolidating the newly acquired business into its financial reporting from 2026 onwards.