Arabian Drilling Company (ADC), a drilling subsidiary of Saudi Arabia’s Industrialization and Energy Services Company (TAQA), plans to acquire Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq and Pakistan, Pipeline Oil and Gas Magazine reported.

The acquisition deal is worth $415 million. Moreover, it is supposed to be closed in H2 2019 and is subject to regulatory approvals.

Under this acquisition deal, ADC will now operate a fleet of 58 onshore rigs and 9 offshore rigs across the MENA region.

“This acquisition is fully aligned with Saudi Vision 2030. It unlocks value and drives growth across our entire value chain through a more integrated regional approach, while positioning a leading Saudi company as a global player,” Azzam Shalabi, CEO of TAQA and Chairman of the ADC Board, said.

The deal creates economies of scale and cost synergies, making ADC a regional leader, encompassing a diversified, multi-country and multi-client offering.