ADNOC Drilling Company has completed its acquisition of an 80 percent stake in MB Petroleum Services (MBPS), a drilling and oilfield services joint venture with MB Holding Company, with operations across Oman, Kuwait, Saudi Arabia and Bahrain.
Under the agreement, ADNOC Drilling, through its wholly owned subsidiary, holds an 80 percent stake in MBPS, while MB Holding Company retains a 20 percent stake through its subsidiary.
MBPS will continue to operate under the leadership of Dr. Salim Al Harthy, ensuring continuity in management, execution and regional expertise. The transaction was completed ahead of the original mid-year timeline, reflecting alignment between the partners and disciplined execution.
The joint venture’s expected 2026 financial results will be fully consolidated within ADNOC Drilling’s Onshore segment from the closing date and are already included in the company’s 2026 financial guidance. The first full-year contribution is expected in 2027. The acquired portfolio includes 22 drilling and workover rigs, production service units, subsidiaries and pre-qualifications, with an established presence across four Gulf markets.
The acquisition builds on MBPS’ operational performance, with 2025 results showing revenue of approximately $0.2 billion and an EBITDA margin of around 30 percent, reflecting strong execution aligned with ADNOC Drilling’s focus on safety, efficiency and cost control.
MBPS’ performance in the first quarter of 2026 exceeded expectations, with free cash flow rising by more than 20 percent and net income increasing by over 40 percent. In January 2026, the company secured contracts for four additional rigs, with deployment scheduled from the second half of 2026 through the first half of 2027, including three rigs in Kuwait and one in Oman, supporting continued growth across key Gulf markets.
Abdulla Ateya Al Messabi CEO – ADNOC Drilling
“The completion of MBPS strengthens ADNOC Drilling’s long-term regional capability by adding established operating scale and deep field execution capability in the region. By combining the established operating presence of MBPS 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 this region, with safety at the centre of our operations. The integration of automation, AI, digital systems and data-driven workflows will further strengthen safe and consistent delivery at scale.”
Dr. Salim Al Harthy, MBPS CEO, commented that, “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.”
