Middle East

Saudi Taqa buys key rigs unit

DAMMAM

Saudi Arabia’s Industrialisation and Energy Services Company (Taqa) announced that its drilling subsidiary, Arabian Drilling Company (ADC), has agreed to acquire Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq and Pakistan for $415 million.

The transaction transforms ADC into a regional drilling leader with one of the largest rig fleets, client portfolios and geographic footprints in the Middle East.

ADC, a drilling rig partnership between Taqa and Schlumberger, was established in 1964 through a royal decree.

Through this expansion, ADC, Saudi Arabia’s current market leader and drilling national champion, will become an industry powerhouse, operating a superior fleet of 58 onshore rigs and 9 offshore rigs across the Middle East and North Africa region.

The combined firm will have more than 5,900 employees and builds on ADC’s long-standing reputation.




More Stories



Tags