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SLB and ADNOC Drilling Partner To Develop Unconventional Oil And Gas


SLB and ADNOC Drilling Partner To Develop Unconventional Oil And Gas

Abu Dhabi ( BUSINESS WIRE ) - SLB today announced an agreement to create Turnwell Industries LLC OPC (Turnwell), a joint venture (JV) with ADNOC Drilling Company, SLB and Patterson-UTI. The JV will enable the three companies to leverage leading innovations in AI, smart drilling design, completion engineering and production solutions.

The JV will focus on accelerating the UAE's unconventional oil and gas program, with an initial 144 wells scheduled for completion by the end of 2025. SLB will provide integrated drilling, stimulation and completion services, as well as project management, digital capabilities and subsurface support as part of the venture. ADNOC Drilling, through its wholly owned subsidiary ADH RSC LTD, will hold a majority 55% equity interest, SLB a 30% equity interest and Patterson-UTI the remaining 15%.

"We are proud to join forces with ADNOC Drilling in this strategic partnership, which demonstrates SLB's leadership position in the region by deploying innovative digital, drilling and completion technologies in the development of unconventional energy resources," said Tarek Rizk, SLB's President, Middle East and North Africa. "The UAE's unconventional energy assets have a promising future and we look forward to enhancing their performance in a safe and sustainable manner."

"Today marks a defining moment for Turnwell and our key partners, SLB and Patterson UTI. The acceleration of the well program is a testament to the innovation, collaboration and pursuit of excellence that will define our joint venture," said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling. "Turnwell will not only unlock the immense potential of the UAE's world-class unconventional energy resources, but also set new standards for the global energy industry. We are proud to lead the way in responsibly shaping the future of energy, both in the UAE and beyond."

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With an international presence in more than 100 countries and employees representing nearly twice as many nationalities, we work every day to innovate in oil and gas, delivering digital technology at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Learn more at slb.com .

About ADNOC Drilling

ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol "ADNOCDRILL"; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-disciplinary drilling fleets in the world. The company is a key link in ADNOC's upstream business as ADNOC responsibly accelerates its production capacity targets in the face of growing global energy demand. ADNOC Drilling added IDS to its portfolio in 2018 and now offers a total well solution from start to finish and associated services. To learn more, visit: www.adnocdrilling.ae .

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of the U.S. federal securities laws - that is, statements about the future, not about past events. These statements often contain words such as "expect," "may," "could," "estimate," "intend," "anticipate," "will," "potential," "projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations about the deployment or anticipated benefits of SLB's new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental issues; forecasts or expectations about the energy transition and global climate change; and improvements in operating procedures and technology. Such statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize the intended benefits of SLB's strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and licenses; and other risks and uncertainties detailed in SLB's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. Should one or more of these or other risks or uncertainties materialize (or the consequences of such developments change), or should underlying assumptions prove incorrect, actual results may vary materially from those reflected in our forward-looking statements. Forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to publicly update or revise such statements, whether as a result of new information, future events or otherwise.

The original language text of this announcement is the official, authoritative version. Translations are provided as a convenience only and must refer to the original language text, which is the only version of the text that has legal effect.

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