DUBAI (Reuters) – Khobar-based Arabian Drilling Company (ADC) will acquire the Saudi drilling business of Schlumberger, news publication Al Maaal reported on Sunday, citing unnamed sources.

ADC is a partnership between the Industrialization & Energy Services Company (TAQA), a Saudi Joint Stock company and Services Petroliers Schlumberger S.A., which owns the remaining 49 percent, according to ADC’s website.