Adnoc Drilling has completed a deal to acquire an 80% stake in Oman’s MB Petroleum Services (MBPS), a drilling and oilfield services joint venture with MB Holding Company, with operations in Oman, Kuwait, Saudi Arabia and Bahrain.
The transaction, first announced in November 2025, was completed ahead of the original mid-year timeline, an Adnoc Drilling statement noted, reflecting disciplined execution and “alignment” between the partners.
MBPS was valued at around US$204mn and marks the latest acquisition by Adnoc Drilling as it widens its Gulf footprint.
The company also recently bought into SLB's onshore rig business in Oman and Kuwait.
“The completion of MBPS strengthens Adnoc Drilling’s long-term regional capability by adding established operating scale and deep field execution capability in the region,” said Abdulla Ateya Al Messabi, ADNOC Drilling CEO and MBPS Chairman.
“By combining the established operating presence of MBPS with our scale, systems and technology-led approach, we are building a durable platform for delivery across the GCC.”
He said the transaction reflects the company’s “disciplined, value-accretive growth strategy” and alluded to further expansion “as we continue to invest in people and long-term capability across this region.”
The integration of automation, AI, digital systems and data-driven workflows “will further strengthen safe and consistent delivery at scale,” he added.
Under the agreement, Adnoc Drilling, through its wholly owned subsidiary, holds an 80% stake in MBPS, with MB Holding Company, through its subsidiary, retaining a 20% stake. MBPS will continue to operate under the leadership of Dr. Salim Al Harthy, CEO of MBPS, ensuring continuity of management, execution and deep regional expertise.
Dr. Al Harthy said the acquisition marks a “transformational milestone” for MBPS.
“By combining our regional operational expertise with the strength and scale of Adnoc Drilling, we are creating a stronger platform to expand across the MENA region, enhance our capabilities, and deliver greater value to our customers.”
MBPS’ performance in the first quarter of 2026 “exceeded expectations”, according to an Adnoc Drilling statement, with strong outperformance on free cash flow (over 20%) and net income (over 40%).
In January 2026, MBPS secured contract awards for four additional rigs with deployment expected from the second half of 2026 into the first half of 2027, including three in Kuwait and one in Oman.
“These reinforce the platform’s growth trajectory and strengthening long-term activity visibility across core Gulf geographies,” the statement noted.
