Adnoc Drilling, the foremost drilling firm in the Middle East, has recently completed a significant acquisition. The company secured an 80 percent stake in Oman’s MB Petroleum Services (MBPS) for $204 million. This acquisition helps bolster Adnoc Drilling’s footprint in pivotal Gulf markets such as Oman, Kuwait, Saudi Arabia, and Bahrain.
Details of the Acquisition
The deal includes the acquisition of 22 drilling and workover rigs along with production service units operating across four Gulf states. Adnoc Drilling will own 80 percent of the new joint venture, with MB Holding retaining the remaining 20 percent.
Strategic Implications
Adnoc Drilling’s CEO, Abdulla Al Messabi, emphasized that this acquisition adds significant operational scale and expertise to the company’s capabilities. It reflects a strategic emphasis on disciplined, value-driven growth. The integration of advanced technologies like automation, AI, and data-driven workflows is expected to enhance safety and efficiency.
Future Prospects
Currently, Adnoc Drilling operates a fleet of 142 rigs, with plans to increase this number to at least 148 by the end of the year. The company aims for a total of 151 rigs by 2028. With the Gulf region being a key target for energy services, Adnoc Drilling is poised for further growth.
- Acquisition Value: $204 million
- Stake Acquired: 80% by Adnoc Drilling
- Rigs Acquired: 22 drilling and workover rigs
- Future Rig Count: Expected to reach 151 by 2028
Previous Contracts and Performance
In addition to this acquisition, Adnoc Drilling secured over $5 billion in new contracts in 2025. Notably, these included:
- $1.63 billion for integrated drilling services
- $1.15 billion for two jack-up rigs
- $800 million for hydraulic fracturing services
Expected Financial Impact
Financial results from the joint venture are set to be fully integrated into Adnoc Drilling’s onshore segment, contributing to its 2026 financial performance. The first complete year’s contribution is anticipated for 2027.
Statements from Leadership
Usama Al Barwani, vice chairman of MB Holding, expressed strong confidence in the partnership’s potential. Salim Al Harthy, CEO of MBPS, labeled the acquisition as a transformational milestone that will enhance their expansion efforts across the Middle East and North Africa.
In summary, the acquisition of MB Petroleum Services marks a significant step for Adnoc Drilling. It highlights the company’s commitment to growth and innovation within the Gulf energy markets.
