Arabian Drilling acquires Schlumberger’s Mideast drilling rigs

29/04/2019 Argaam

 

Arabian Drilling Co. signed an agreement to acquire Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq and Pakistan for SAR 1.56 billion ($415 million), its parent company Industrialization and Energy Services Company (TAQA) said in a statement.

 

Commenting on the deal, Saudi Aramco’s CEO Amin Nasser said that the acquisition will promote Arabian Drilling’s capabilities, which will positively reflect on Aramco’s drilling business.

 

After this expansion, Arabian Drilling will be operating 58 onshore rigs and 9 offshore rigs across the MENA region, the statement said.

 

Moelis & Company acted as exclusive financial advisor to TAQA, while Rothschild & Co. acted as exclusive financial advisor to Schlumberger, the statement added.

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