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ADES acquires 31 onshore drilling rigs in Kuwait, Saudi Arabia, Algeria

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ADES has signed a definitive agreement with Weatherford for the acquisition of 31 onshore drilling rigs for a purchase price of $287.5 million, in line with its strategy to strengthen its onshore capabilities. The transaction will be financed through a combination of cash and secured debt instruments and is expected to close in the second half of 2018, subject to customary closing conditions agreed upon in the agreement. As part of the transaction, ADES will acquire Weatherford’s onshore drilling operations, including its associated assets, contracts, management systems and approximately 2,300 employees and contract personnel spread across Algeria, Kuwait and Saudi Arabia, where Weatherford has built a substantial presence and track record that will enable ADES to expand its presence across attractive ...

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NOV announces joint venture to provide high-specification drilling rigs and advanced drilling equipment

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National Oilwell Varco (NOV) has announced the signing of an agreement with Saudi Aramco to form a joint venture in the Kingdom of Saudi Arabia. Through its manufacturing and fabrication facilities in the Kingdom and NOV’s drilling technologies, the joint venture will provide high-specification land rigs, rig and drilling equipment and offer certain aftermarket services. Additionally, the companies announced their proposed joint venture will establish an education center to train Saudi technicians in the maintenance and operation of the sophisticated drilling technology that the venture will bring to the Kingdom. The joint venture will be supported by a commitment from the previously announced Saudi Aramco Nabors Drilling Company to purchase fifty onshore drilling rigs from the NOV / Saudi Aramco ...

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Digital technologies to enable lower cost-of-supply to sustain unconventionals revolution

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The US has greatly benefitted from the unconventionals revolution, in terms of the economy, energy security and the environment, Greg Leveille, Chief Technology Officer for ConocoPhillips, said at the 2018 IADC Drilling Onshore Conference in Houston on 17 May. To sustain the success of this revolution, the industry must continue to make rapid developments in technologies like horizontal drilling and fracture stimulation. The digital technology revolution, which is already under way, is also expected to allow operators to adopt a more data-driven approach to decision making and provide new insights, leading to additional progress in lowering cost-of-supply. Watch DC’s video with Mr Leveille for more details...

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