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

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.