Schlumberger's $683 Million Trading Day Lands 244th in Rankings Despite Stock Decline

On May 30, 2025, Schlumberger (SLB) experienced a significant trading volume of $683 million, marking a 105.35% increase from the previous day. This surge placed the company at the 244th position in the day's stock market rankings. However, despite the high trading volume, Schlumberger's stock price declined by 1.87%.

ADNOC Drilling's acquisition of 70% of Schlumberger's land drilling assets in Kuwait and Oman for $110 million is a strategic move to dominate the Gulf energy services market. This deal secures eight operational land rigs, already under long-term contracts with national oil companies in both nations. The acquisition is expected to boost ADNOC's earnings, cash flow, and returns, with an immediate 5-7% increase in EBITDA and free cash flow in 2026. The deal is funded via existing debt capacity, avoiding equity dilution. Citi Research has modeled a 15% internal rate of return on this acquisition, assuming modest rig utilization improvements. ADNOC's EV/EBITDA multiple is 6x, significantly lower than Schlumberger's 12x and Baker Hughes' 10x, making it an attractive investment opportunity. The acquisition also brings operational synergies, with ADNOC planning to deploy its AI-driven drilling optimization tools to slash costs and boost efficiency. The deal's contingent payment structure aligns incentives, ensuring no post-acquisition underperformance. GCC consolidation is inevitable, and ADNOC's scale and technology position it to acquire more assets at favorable prices. Oil demand is expected to remain resilient, ensuring rigs remain critical infrastructure. The deal's Q1 2026 close means 2025 is a “buy the rumor” period, with potential 30-50% upside post-consolidation. Investors seeking exposure to the Middle East's energy renaissance should act swiftly, as ADNOC is not just expanding but owning the future of Gulf drilling.