Abu Dhabi – Mubasher: ADNOC Drilling Company has signed an agreement to acquire a 70% stake in SLB's land drilling rigs business in Kuwait and Oman, according to a press release.

The ADX-listed firm will own eight fully operational land rigs under contract with the respective national oil companies (NOCs) of both countries.

Through the transaction, ADNOC Drilling will deploy advanced technologies, integrated drilling services, digital solutions, and AI-driven efficiencies.  This will enhance performance, lower environmental impact, and drive value for customers across the region.

Abdulrahman Abdulla Al Seiari, CEO 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 solid operational and financial platform to further expand in the region.”

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

Under the agreement, ADNOC Drilling will access earnings, cash flow, and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion in the GCC region.

Jesus Lamas, President, Middle East and North Africa, SLB, said: “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.”

The formation of a joint venture (JV) and the completion of stake acquisition are subject to necessary and customary regulatory approvals, expected in the first quarter (Q1) of 2026.

ADNOC Drilling recently unveiled a $1.15 billion contract award for two jack-up rigs by ADNOC Offshore.