Adnoc Drilling, the Middle East’s biggest drilling company by rig count, has completed its acquisition of an 80 per cent stake in Oman’s MB Petroleum Services (MBPS), ahead of its mid-year schedule.
The joint venture with MB Holding strengthens Adnoc Drilling’s presence across major Gulf markets, including Oman, Kuwait, Saudi Arabia and Bahrain.
The deal, valued at $204 million, is expected to improve earnings and cash flow, Adnoc Drilling said in a statement on Monday. The acquired business includes 22 drilling and workover rigs, production service units, and operations across the four Gulf states.
As part of the agreement, Adnoc Drilling takes 80 per cent of the joint venture through a wholly owned subsidiary, while MB Holding retains 20 per cent, the company said.
“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,” Adnoc Drilling chief executive and MBPS chairman Abdulla Al Messabi said.
“This transaction reflects our disciplined, value-accretive growth strategy as we continue to invest in people and long-term capability across this region, with safety at the centre of our operations. The integration of automation, AI, digital systems and data-driven workflows will further strengthen safe and consistent delivery at scale.”
Adnoc Drilling is the largest integrated drilling services company in the Middle East by fleet size. It owned 142 rigs by the end of 2024, with three island rigs on order for this year. The company expects to increase rig count to at least 148 by the end of this year, and to 151 by 2028.
The UAE and wider Gulf countries remain some of the most attractive and strategically important markets for integrated energy services, the company has said. Adnoc Drilling strengthened its regional presence with several deals including a joint venture agreement with global oilfield services company SLB last May for its land drilling rigs business in Kuwait and Oman, as it continued to push its footprint beyond the UAE.
The company won more than $5 billion in new contracts in 2025, including a five-year $1.63 billion deal for integrated drilling services and a $1.15 billion contract for two jack-up rigs, both from Adnoc Offshore. It has also won an $800 million contract from Adnoc Onshore for the provision of integrated hydraulic fracturing services for conventional and tight reservoirs.
The Abu Dhabi-listed company reported a record 2025 full-year net income as growth across its businesses drove revenue higher, putting it on track to exceed last year’s performance in this. Net profit for the 12 months to the end of December jumped 11 per cent to $1.45 billion, Adnoc Drilling said in February.
On Monday, the company said that the joint venture's 2026 expected financial results will be fully consolidated within Adnoc Drilling’s onshore segment from the closing date and are already included in the company’s full year 2026 publicly disclosed financial guidance. The first full-year of contribution will be 2027, it added.
MB Holding’s vice chairman Usama Al Barwani said the partnership reflects strong alignment between both shareholders and confidence in MBPS’s long-term growth. And its chief executive Salim Al Harthy called the deal a “transformational milestone”, saying it would enhance the company’s ability to expand across the Middle East and North Africa region.
