ADNOC Drilling has completed its acquisition of an 80% stake in MB Petroleum Services (MBPS), forming a joint venture that expands its presence across Gulf markets…
ADNOC Drilling has completed its acquisition of an 80% stake in MB Petroleum Services (MBPS), forming a joint venture that expands its presence across Gulf markets and increases its total fleet to 170 rigs.
The transaction, completed ahead of schedule, covers MBPS operations in Oman, Kuwait, Saudi Arabia and Bahrain, with MB Holding Company retaining a 20% stake.
The joint venture adds 22 drilling and workover rigs and production service units, bringing ADNOC Drilling’s regional rig count through joint ventures to 30 across Oman, Kuwait and Bahrain.
ADNOC Drilling said the joint venture had already secured four additional rig contracts in Kuwait and Oman, with deployment expected from the second half of 2026 into the first half of 2027.
The company added that the venture’s financial results will be consolidated into its accounts from the closing date, with full-year contribution expected from 2027.
MBPS will continue to operate under its existing management, led by CEO Salim Al Harthy.
“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. By combining the established operating presence of MBPS with our scale, systems and technology-led approach, we are building a durable
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