Patterson-UTI and ADNOC Drilling Sign Agreements To Formalize The Previously Announced JV In The UAE; Patterson-UTI Will Hold A 15% Minority Equity Interest In Turnwell Industries LLC OPC; The ADNOC Drilling subsidiary Will Hold A 55% Majority Stake, While SLB Will Hold A 30% Interest
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy, Inc. has formalized a joint venture with ADNOC Drilling and SLB in the UAE. Patterson-UTI will hold a 15% stake in Turnwell Industries LLC OPC, which will drill 144 unconventional wells for ADNOC.
September 30, 2024 | 1:49 pm
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Patterson-UTI Energy has entered a joint venture with ADNOC Drilling and SLB, holding a 15% stake in Turnwell Industries to drill 144 wells for ADNOC.
The joint venture provides Patterson-UTI with a strategic entry into the Middle Eastern market, potentially increasing its revenue and market presence. The 15% stake in Turnwell Industries and the contract to drill 144 wells are significant for the company's growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
SLB holds a 30% interest in Turnwell Industries as part of a joint venture with ADNOC Drilling and Patterson-UTI to drill 144 wells for ADNOC.
SLB's 30% stake in Turnwell Industries as part of the joint venture positions it to benefit from the drilling contract with ADNOC, potentially enhancing its revenue and market influence in the region.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70