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Saudi drilling company Arabian Drilling Company (ADC), a Saudi drilling subsidiary in Saudi Arabia, announced today its intention to buy Schlumberger's onshore drilling rig business in the Middle East. Oman, Iraq and Pakistan for $ 415 million.
As part of this expansion, ADC will operate a fleet of 58 onshore platforms and nine offshore platforms in the MENA region. The amalgamated company will have more than 5,900 employees.
TAQA's strategy for 2021 is to become a major regional supplier of oilfield services and equipment (OFSE). It is based on three main pillars: Creating value by strengthening the position and growth of its existing business and expanding into higher-level services and new markets; maintain value by providing differentiated and unparalleled customer service and security, using the latest technology; and realize value and greater operational efficiency by delivering more integrated, secure, reliable and competitive customer services.
Azzam Shalabi, CEO of TAQA and Chairman of the ADC Board of Directors, said, "This acquisition is perfectly aligned with Saudi Vision 2030. It unlocks value and drives growth across the board. value chain through a more integrated regional approach, while this transaction also follows ADC's accelerated expansion business in 2018, when 16 rigs were put into service to support the growth of Saudi Aramco This new combination clearly demonstrates that TAQA and ADC are transforming growth strategies and further strengthening this long-standing and trusted partnership between TAQA and Schlumberger and we look forward to supporting ADC in the next phase of its expansion and are fully convinced that this will benefit all stakeholders, especially our regional customers. "
The transaction is expected to close in the second half of 2019, subject to the approval of the supervisory authorities.
Moelis & Company acted as exclusive financial advisor to TAQA and Rothschild & Co. as exclusive financial advisor to Schlumberger.
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