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. (CONTINUED - 540 WORDS)