Patterson-UTI, ADNOC Drilling, and Schlumberger to hold minority equity in Turnwell Industries for $1.7B Abu Dhabi drilling contract.
Patterson-UTI Energy Inc. announced a non-binding term sheet with ADNOC Drilling, the largest national drilling contractor in the Middle East, to hold a minority equity interest in Turnwell Industries LLC OPC. Turnwell was awarded a $1.7 billion contract by Abu Dhabi National Oil Company to drill and complete 144 unconventional wells. Schlumberger Middle East SA, a subsidiary of SLB, is also expected to hold a minority equity interest in Turnwell.
May 13, 2024
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