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Taqa buys Schlumberger rigs in 4 markets

RIYADH, April 29, 2019 – Saudi Arabia’s Taqa will purchase a portion of Schlumberger’s Middle East drilling rigs business in a deal worth USD 415 million, the company announced on Sunday.

 

The deal, expected to be concluded in H2 2019, will see Taqa subsidiary Arabian Drilling Company take over the US company’s rig business in Kuwait, Oman and Iraq, as well as Pakistan. This includes 58 onshore and nine offshore rigs.

Schlumberger will continue to operate its rig business in other regional markets.

Taqa is supported by Saudi Arabia’s sovereign wealth fund. Its deal with Schlumberger marks the start of a planned USD 1.2-billion programme of acquisitions.

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