Saudis to pay $415M for Schlumberger's Middle East drilling rig business

|About: Schlumberger Limited (SLB)|By:, SA News Editor

Saudi Arabia's Taqa says it has agreed to buy Schlumberger's (NYSE:SLB) Middle Eastern drilling rig business for $415M.

Taqa says the deal includes SLB's onshore oil rig business in Kuwait, Oman, Iraq and Pakistan, while SLB will keep its other oilfield services businesses in the region.

Taqa's Arabian Drilling unit will operate 58 onshore rigs and nine offshore rigs across the Middle East and North Africa following the deal.

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