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In the latest Middle East drilling shakeup, Saudi Arabia’s state-led oilfield services firm Taqa’s drilling subsidiary Arabian Drilling Company (ADC) announced this week that it is acquiring services giant Schlumberger’s Middle East onshore drilling rigs business.
The acquisition will cost $415mn, and covers Schlumberger’s onshore drilling work in Iraq, Kuwait, Oman and Pakistan. ADC was formed as a joint venture in 1964 between Taqa (51%) and Schlumberger (49%) and so this move is notable in seeing the firm subsume part of one of its parent companies.
Already Saudi Arabia’s current “market leader and drilling national champion,” Taqa says, the newly-combined assets will provide the firm with a fleet of 58 onshore rigs and 9 offshore rigs across the Middle East and North Africa. (CONTINUED - 540 WORDS)
DATA INSIDE THIS ARTICLE
|table||Services Firms 1Q19 Revenue ($Bn): Revenues Dip Quarter-On-Quarter But Remain Flat Year-On-Year|
|chart||Big 3 Oilfield Services Firms Fortunes Rise & Fall Along With Brent Crude Prices ($Bn)|