Nothing has been settled, and sources stressed the deal could still collapse. The size and structure of any stake have not been finalized, and no terms beyond the reported valuation have been made public.
The timing matters. ADNOC L&S reported a second-quarter net profit of $917 million, about four times its level a year earlier, driven by higher shipping costs in the Gulf. The bid comes as the UAE is reshaping its oil strategy: it announced on April 28 that it would leave OPEC and OPEC+, effective May 1, and plans to raise output from about 3.4 million barrels per day to 5 million by 2027. Shipping through the Strait of Hormuz remains constrained by the Iran conflict, which limits near-term export gains. Attorneys tracking this should watch for a formal announcement, the stake size and control terms, and any regulatory filings that would disclose them. An acquisition would also extend ADNOC's reach into offshore support work, potentially including the North Sea and the U.S., which could matter for cross-border deal and regulatory counsel.