Saudi Arabia’s TAQA Drilling to acquire Schlumberger’s Middle East drilling rigs

April 29, 2019
Saudi Arabia’s Industrialization and Energy Service Co. said its drilling unit, Arabian Drilling Co., agreed to acquire Schlumberger Ltd.’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq, and Pakistan for $415 million.

Saudi Arabia’s Industrialization and Energy Service Co. (TAQA) said its drilling unit, Arabian Drilling Co. (ADC), agreed to acquire Schlumberger Ltd.’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq, and Pakistan for $415 million.

TAQA is moving forward in its 2021 strategy to become a leading regional services and equipment company. The deal also promotes the Saudi Vision 2030.

Closing is anticipated in the second half of the year after which ADC will have the largest Middle East rig fleet. ADC, a rig partnership between TAQA and Schlumberger, was established in 1964.

After the transaction closes, ADC will have 58 onshore rigs and 9 offshore rigs. The combined company will have more than 5,900 employees.