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Miras Legal Advises TAQA on the Acquisition of Schlumberger’s Drilling Business for USD 415 Million

Miras Legal

Founding Partner of Miras Legal, Mr. Abdullah Yaqoub Al Khurafi, stated, “Miras Legal acted as a legal advisor to the Industrialization and Energy Services Company (TAQA) in the acquisition of Schlumberger’s oil drilling rigs in the State of Kuwait through its subsidiary Arab Drilling Company. The acquisition was part of a greater, multi-jurisdictional transaction which also included the acquisition of Schlumberger’s drilling business in Oman, Pakistan and Iraq for a combined total value of USD 415 million (SAR 1.56 billion).”

Elaborating further, Founding Partner Mr. Khaled Yousef Al Jallal said, “Miras Legal team has provided advice and consultancy services in accordance with internationally recognized standards. The firm carried out the legal research and due diligence in relation to the Kuwaiti-jurisdiction part of the transaction and provided relevant legal advice in such regard.”

TAQA is a Saudi Arabian Joint Stock Company with the Saudi Arabian Public Investment Fund owning 45.70% of the shares, with the remaining being owned collectively by government agencies, joint stock companies and several private and industrial investors representing a cross section of the Saudi industrial community.

Miras Legal establishes itself as a law firm with corporate and transactional expertise on both a local and international basis.