ADNOC Drilling announced it will acquire a 70% stake in SLB's onshore rig business operating in Oman and Kuwait. The transaction is valued at up to $112 million.
This acquisition will create a new joint venture, which ADNOC Drilling aims to double in size within the next year. The move is part of ADNOC Drilling's strategy to expand its operational footprint.
For SLB, this divestiture represents a strategic optimization of its portfolio, allowing it to streamline its asset base while maintaining a presence in key Middle Eastern markets through the new joint venture.
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