|21 April, 2019

Saudi ADC to acquire Schlumberger's Saudi drilling business -Al Maal

ADC is a partnership between the Industrialization & Energy Services Company and Services Petroliers Schlumberger S.A

Workers manipulate drilling equipment at the oil drilling site of the Millenium Geo-Venture company, in Soufflenheim, August 8, 2014. Alsace, the cradle of the French oil exploration industry in the mid-18th century, is witnessing a tentative return of small oil explorers in the eastern region on the German border. With oil prices hovering around $100, a dozen of fields are pumping again, in a region that once provided 5 percent of French needs and gave birth to international oil services giants such as Schlumberger, before fading into insignificance in the 1960s when the barrel lingered around $15. Picture taken August 8, 2014. REUTERS/Vincent Kessler Image used for illustrative purpose.

Workers manipulate drilling equipment at the oil drilling site of the Millenium Geo-Venture company, in Soufflenheim, August 8, 2014. Alsace, the cradle of the French oil exploration industry in the mid-18th century, is witnessing a tentative return of small oil explorers in the eastern region on the German border. With oil prices hovering around $100, a dozen of fields are pumping again, in a region that once provided 5 percent of French needs and gave birth to international oil services giants such as Schlumberger, before fading into insignificance in the 1960s when the barrel lingered around $15. Picture taken August 8, 2014. REUTERS/Vincent Kessler Image used for illustrative purpose.

REUTERS/Vincent Kessler

DUBAI- Khobar-based Arabian Drilling Company (ADC) will acquire the Saudi drilling business of Schlumberger, news publication Al Maaal reported on Sunday, citing unnamed sources.

ADC is a partnership between the Industrialization & Energy Services Company (TAQA), a Saudi Joint Stock company and Services Petroliers Schlumberger S.A., which owns the remaining 49 percent, according to ADC's website. 

(Reporting by Dahlia Nehme; writing by Saeed Azhar, editing by Hadeel Al Sayegh) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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