ADNOC Drilling Company P.J.S.C. agreed to acquire 70% stake in Land drilling rigs business in Kuwait and Oman of SLB from Schlumberger Limited for approximately $110 million.

ADNOC Drilling Company P.J.S.C. (ADX:ADNOCDRILL) entered into agreement to acquire 70% stake in Land drilling rigs business in Kuwait and Oman of SLB from Schlumberger Limited (NYSE:SLB) for approximately $110 million on May 29, 2025. A cash consideration of $91 million will be paid by ADNOC Drilling Company P.J.S.C. ADNOC Drilling Company P.J.S.C. will pay an earnout/contingent payment of $21 million cash. As part of consideration, $112 million is paid towards assets of Land drilling rigs business in Kuwait and Oman of SLB.

The transaction will be funded through ADNOC Drilling Company P.J.S.C. existing debt capacity. The transaction is expected to be earnings, cashflow and returns accretive, delivering value from day one. The final consideration is subject to closing account adjustments for net debt debt minus cash as at the closing date.

The transaction is subject to necessary and customary regulatory approvals. The transaction is expected to close in Q1 2026. Morgan Stanley acted as financial advisor to ADNOC Drilling Company P.J.S.C. Daud Khan, Milena Robotham, Katrin Schallenberg, Edward Page and Alistair Woodland of Clifford Chance LLP acted as legal advisor for ADNOC Drilling Company P.J.S.C.