ADNOC Drilling has completed the acquisition of an 80% stake in MB Petroleum Services, establishing a joint venture that expands its footprint in the Gulf market and increases its total rig count to 170.
The transaction was concluded ahead of schedule and includes MBPS's operations in Oman, Kuwait, Saudi Arabia, and Bahrain. MasterBeef Group retains a 20% stake in the venture.
The joint venture adds 22 drilling and workover rigs, along with production service units, bringing ADNOC Drilling's regional rig total to 30 across Oman, Kuwait, and Bahrain through the partnership.
ADNOC Drilling stated that the joint venture has secured four additional rig contracts in Kuwait and Oman, with deployment expected between the second half of 2026 and the first half of 2027.
The company added that the joint venture's financial results will be consolidated into its accounts from the closing date and are anticipated to contribute to full-year performance starting in 2027.
MBPS will continue to operate under the leadership of its CEO, Salim Al Harthy.
Abdulla Ateya Al Messabi, CEO of ADNOC Drilling and Chairman of MBPS, commented, "The completion of the MBPS transaction enhances ADNOC Drilling's long-term regional capabilities, adding established operational scale and deep field execution expertise in the area. By integrating MBPS's existing operational presence with our scale, systems, and technology-driven approach, we are building a sustainable platform for delivery across the Gulf Cooperation Council region. The incorporation of automation, artificial intelligence, digital systems, and data-driven workflows will further strengthen safe and consistent large-scale delivery."
Al Harthy added, "This acquisition represents a transformative milestone for MBPS. By combining our regional operational expertise with ADNOC Drilling's strength and scale, we are creating a stronger platform to expand across the Middle East and North Africa region, enhance our capabilities, and deliver greater value to customers. Above all, we remain committed to serving our employees, our clients, and the operational excellence that has defined MBPS over the years."