Muscat – Abu Dhabi-based ADNOC Drilling Company on Monday announced the completion of its transaction to acquire an 80% stake in MB Petroleum Services (MBPS), a drilling and oilfield services joint venture (JV) with MB Holding Company, with operations in Oman, Kuwait, Saudi Arabia and Bahrain.

The transaction was completed ahead of the original mid-year timeline, reflecting disciplined execution and strong alignment between the partners, ADNOC Drilling said in a press statement.

In November 2025, ADNOC Drilling entered into a definitive agreement to acquire the 80% stake in MBPS for an enterprise value of $204mn.

Abdulla Ateya Al Messabi, ADNOC Drilling CEO and MBPS Chairman, said, “The completion of MBPS strengthens ADNOC Drilling’s long-term regional capability by adding established operating scale and deep field execution expertise. By combining MBPS’s established operating presence with our scale, systems and technology-led approach, we are building a durable platform for delivery across the GCC. This transaction reflects our disciplined, value-accretive growth strategy as we continue to invest in people and long-term capability across the region, with safety at the centre of our operations.”

Usama Al Barwani, MBPS Board Member and MB Holding Company Vice Chairman, said, “MBPS’s legacy has been built over many years, and it is now one of the leading energy services companies in the region. This partnership with ADNOC Drilling reflects strong alignment between both shareholders and a shared belief in the company’s long-term potential. We are confident that, together with ADNOC Drilling, we will drive future growth while continuing to serve our clients and invest in our people.”

Under the agreement, ADNOC Drilling, through its wholly owned subsidiary, holds an 80% stake in MBPS, while MB Holding Company, through its subsidiary, retains a 20% stake. MBPS will continue to operate under the leadership of Dr Salim Al Harthy, CEO, ensuring continuity of management, execution and deep regional expertise.

Dr Salim Al Harthy said, “This 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. Most importantly, we remain committed to our people, our clients and the operational excellence that has defined MBPS over the years.”

The JV’s expected 2026 financial results will be fully consolidated by ADNOC Drilling within its onshore segment from the closing date and are already included in the company’s 2026 publicly disclosed financial guidance. The first full year of contribution will be 2027, ADNOC Drilling noted in the statement.

The acquired portfolio comprises 22 drilling and workover rigs and production service units, supported by pre-qualifications, subsidiaries and an established presence across four key Gulf markets.