April 28, 2019 / 2:34 PM / a month ago

Saudi TAQA drilling unit to buy Schlumberger's Middle East rigs

DUBAI (Reuters) - Saudi Arabia’s Industrialization and Energy Services Company (TAQA) said on Sunday its drilling subsidiary, Arabian Drilling Company, has agreed to buy Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq and Pakistan for $415 million.

Through the expansion, Arabian Drilling will operate 58 onshore rigs and nine offshore rigs across the Middle East and North Africa.

Moelis advised TAQA and Rothschild advised Schlumberger for the deal, which is expected to close in the second half of this year, TAQA said in a statement.

Reporting by Stanley Carvalho, writing by Davide Barbuscia

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