10:52 AM EDT, 09/30/2024 (MT Newswires) -- Patterson-UTI Energy's ( PTEN ) Patterson-UTI TW Holdings unit and Schlumberger ( SLB ) have signed an agreement finalizing the terms of the Turnwell Industries joint venture with ADNOC Drilling, the companies said Monday.

Patterson-UTI will hold a 15% minority interest in Turnwell Industries while ADNOC Drilling will hold a 55% majority stake and Schlumberger ( SLB ) will have the remaining 30% interest, according to the companies.

Turnwell was awarded a $1.7 billion contract earlier this year to drill and complete 144 unconventional wells for Abu Dhabi National Oil Company, or ADNOC.

Patterson-UTI said it will provide its expertise with drilling and completing unconventional wells as well as a limited cash contribution that will fund its share of Turnwell's working capital.

Separately, Schlumberger ( SLB ) said it will provide integrated drilling, stimulation and completion services as well as project management and subsurface support for the project. The 144 wells are expected to be completed in Q4 of 2025, Schlumberger ( SLB ) added.

The companies announced their preliminary agreement to form the joint venture on May 13.

Patterson-UTI shares were 1.5% higher in mid-morning trade and Schlumberger ( SLB ) was up 0.3%.

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