ADNOC Drilling Company plans to acquire 80 per cent stake in Oman-based MB Petroleum Services (MBPS), one of the leading drilling and oilfield services (OFS) providers in the region with operations in Oman, Kuwait, Saudi Arabia and Bahrain.
This transaction marks ADNOC Drilling’s second acquisition in the region. In May this year, the company signed an agreement to acquire a 70 per cent stake in SLB’s (formerly Schlumberger) land drilling rigs business in Kuwait and Oman.
The enterprise value of the transaction is US$204 million, and the portfolio consists of 21 drilling and workover rigs, production service units, complemented by pre-qualifications, subsidiaries and established presence across four key Gulf geographies.
The deal is expected to significantly accelerate ADNOC Drilling’s regional expansion strategy, adding scale and capability and strengthening presence in these four key Gulf economies.
Abdulla Ateya Al Messabi, ADNOC Drilling CEO, commented: “This is a defining moment in ADNOC Drilling’s journey. The transaction represents a strategic leap that is expected to amplify our capabilities, accelerate our regional momentum and reinforce our position as a key energy services provider in the region.
“Upon completion, this partnership will not only strengthen our regional footprint but also position us to deliver enhanced value to our clients and shareholders in a rapidly evolving energy landscape.”
The acquisition is expected to further strengthen ADNOC Drilling’s operational and financial resilience, positioning the company to navigate market cycles and deliver reliable results for clients and shareholders. The transaction is expected to close in the first half of 2026, subject to customary conditions, including the receipt of applicable regulatory approvals.
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