Patterson-UTI Signs Non-Binding Term Sheet To Partner With ADNOC Drilling In The UAE
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI has signed a non-binding term sheet to partner with ADNOC Drilling in the UAE, aiming for a minority stake in Turnwell Industries LLC OPC, which has secured a $1.7 billion contract for drilling 144 unconventional wells for ADNOC. Schlumberger Middle East SA, a subsidiary of SLB, is also expected to hold a minority stake in Turnwell.
May 13, 2024 | 6:46 am
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POSITIVE IMPACT
Patterson-UTI's partnership with ADNOC Drilling and investment in Turnwell, which has a $1.7 billion contract, could enhance its revenue prospects and market position in the Middle East.
The partnership and minority stake in a company with a significant contract indicate potential for increased revenue and strategic expansion for Patterson-UTI, likely positively impacting its stock in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Schlumberger, through its subsidiary Schlumberger Middle East SA, is expected to acquire a minority stake in Turnwell, potentially expanding its operations and influence in the Middle East.
Schlumberger's involvement in Turnwell through its subsidiary suggests an opportunity for growth and enhanced market position in the Middle East, likely benefiting its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80