ADNOC Drilling takes 80% of MB Petroleum in regional growth push

Acquisition gives ADNOC Drilling OFS contracts across Oman, Kuwait, Saudi, Bahrain

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Nivetha Dayanand, Assistant Business Editor
(L-R) Usama Mohamed Ali Al Barwani, MB Vice Chairperson and Abdulla Ateya Al Messabi, ADNOC Drilling CEO
(L-R) Usama Mohamed Ali Al Barwani, MB Vice Chairperson and Abdulla Ateya Al Messabi, ADNOC Drilling CEO
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Dubai: ADNOC Drilling will acquire an 80% stake in MB Petroleum Services, marking its second regional acquisition as it accelerates expansion across the Gulf energy services market. The deal will add 21 rigs and a portfolio of oilfield services contracts across Oman, Kuwait, Saudi Arabia and Bahrain, pending regulatory approvals.

The company said the transaction will be earnings, cashflow and returns accretive and strengthens its position in four key Gulf economies as spending on upstream capacity and integrated services grows.

“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,” said Abdulla Ateya Al Messabi, ADNOC Drilling CEO.”Upon completion, this partnership not only will strengthen our regional footprint but also position us to deliver enhanced value to our clients and shareholders in a rapidly evolving energy landscape.”

The enterprise value of the deal is $204 million, or Dh749 million. The portfolio includes drilling and workover rigs, production service units and pre-qualifications with national oil companies in the GCC. Completion is expected in the first half of 2026.

ADNOC Drilling said its business model, built on integrated services and a diversified fleet, positions it to deliver consistent performance and manage market cycles. The company emphasised capital discipline and said the acquisition aligns with its financial framework and focus on sustainable returns.

Regional energy services demand continues to rise as national oil companies pursue capacity programmes and efficiency gains. ADNOC Drilling said the acquisition supports its ambition to scale operations, deepen service capabilities and unlock long-term shareholder value.

Nivetha Dayanand
Nivetha DayanandAssistant Business Editor
Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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