IS - PIF’s rig company plans $1.2B in buys, starts with SLB assets - May 2019A portfolio company of the Saudi sovereign wealth fund announced it will purchase
Schlumberger’s Middle Eastern drilling rig business as part of a $1.2 billion shopping
spree this year. Public Investment Fund holding Saudi Arabia’s Industrialization &
Energy Services Co. (TAQA) announced April 29 it would pay about $415 million for
the business through Arabian Drilling Co., its 55-year joint venture with the global
oilfield services giant, and would close
the deal in H2.
To cover the...