Abu dhabi: ADNOC Drilling Company announced today the completion of its transaction to acquire an 80 percent stake of MB Petroleum Services (MBPS), a drilling and oilfield services joint venture 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 alignment between the partners.
According to Emirates News Agency, Abdulla Ateya Al Messabi, ADNOC Drilling CEO and MBPS Chairman, stated that the acquisition strengthens ADNOC Drilling's long-term regional capability by adding established operating scale and deep field execution capability in the region. By integrating MBPS's established operating presence with ADNOC Drilling's scale, systems, and technology-led approach, a durable platform for delivery across the GCC is being built. The integration of automation, AI, digital systems, and data-driven workflows will further enhance safe and consistent delivery at scale.
Usama Al Barwani, MBPS Board member and MB LLC Vice Chairman, expressed confidence in the partnership with ADNOC Drilling, highlighting the alignment between both shareholders and a shared belief in the long-term potential of MBPS. This collaboration aims to drive future growth, continue serving clients, and invest in people.
Under the agreement, ADNOC Drilling, through its wholly owned subsidiary, holds an 80 percent stake in MBPS, with MB Holding Company retaining a 20 percent stake through its subsidiary. MBPS will continue to operate under the leadership of Dr. Salim Al Harthy, ensuring continuity of management and regional expertise.
Dr. Salim Al Harthy, MBPS CEO, emphasized that the acquisition marks a transformational milestone for MBPS, creating a stronger platform to expand across the MENA region, enhance capabilities, and deliver greater value to customers while remaining committed to people, clients, and operational excellence.
The joint venture's 2026 expected financial results will be fully consolidated by ADNOC Drilling within its Onshore segment from the closing date and are included in the Company's FY 2026 financial guidance. The first full-year contribution is expected in 2027. The acquired portfolio comprises 22 drilling and workover rigs and production service units, complemented by pre-qualifications, subsidiaries, and an established presence across four key Gulf geographies.
The acquisition builds on MBPS's strong operational track record, with 2025 performance demonstrating strong execution and discipline aligned with ADNOC Drilling's approach to safety, efficiency, and cost control. FY 2025 revenue was approximately $0.2 billion with an EBITDA margin of around 30 percent.
MBPS's performance in the first quarter of 2026 exceeded expectations, with strong outperformance on free cash flow and net income. In January 2026, MBPS secured contract awards for four additional rigs, with deployment expected from the second half of 2026 into the first half of 2027, including three in Kuwait and one in Oman, reinforcing the platform's growth trajectory across core Gulf geographies.