Adnoc Drilling has completed its $204 million acquisition of an 80% stake in MB Petroleum Services, expanding its drilling services presence across Oman, Kuwait, Saudi Arabia and Bahrain.
The transaction was completed ahead of its mid-year schedule. Under the joint venture with MB Holding, Adnoc Drilling holds 80% through a wholly owned subsidiary, while MB Holding keeps the remaining 20%.
The acquired business includes 22 drilling and workover rigs, production service units and operations across the four Gulf markets. Adnoc Drilling said the deal is expected to support earnings and cash flow.
Chief Executive Abdulla Al Messabi said the completion of the MB Petroleum Services transaction strengthens the company’s regional operating scale and field execution capability. He also said automation, AI, digital systems and data-driven workflows will support safe and consistent delivery.
Adnoc Drilling is the Middle East’s largest integrated drilling services company by fleet size. It owned 142 rigs at the end of 2024, with three island rigs on order for this year. The company expects to increase its rig count to at least 148 by the end of this year and 151 by 2028.
The company has been expanding beyond the UAE through regional deals, including a joint venture with SLB last May for land drilling rigs in Kuwait and Oman.
In 2025, Adnoc Drilling won more than $5 billion in new contracts. These included a five-year $1.6 billion integrated drilling services contract and a $1.2 billion contract for two jack-up rigs from Adnoc Offshore, as well as an $800 million integrated hydraulic fracturing services contract from Adnoc Onshore.
The company reported full-year 2025 net profit of $1.5 billion, up 11%, supported by revenue growth across its businesses.
Adnoc Drilling said the joint venture’s 2026 results will be consolidated within its onshore segment from the closing date. Its first full-year contribution is expected in 2027.
