"ADNOC Drilling" It occupies 80% of "MB Petroleum Services" With 749 million dirhams to accelerate its regional expansion in 4 Gulf markets

ABU DHABI, 5 November / WAM / ADNOC Drilling announced the conclusion of a final agreement to acquire an 80% stake in MB Petroleum Services, a leading company in drilling and oil field services, operating in the Sultanate of Oman, the State of Kuwait, the Kingdom of Saudi Arabia, and the Kingdom of Bahrain.

This deal, which represents ADNOC Drilling’s second regional acquisition, is expected to contribute to significantly accelerating the pace of its regional expansion, by enhancing the size of the company’s operations, increasing its operational capabilities, and expanding its presence to include four of the most prominent economies in the Gulf region.

The total value of the deal is 749 million dirhams (equivalent to $204 million), and this value includes an asset portfolio that includes 21 diverse rigs, including land-based rigs, maintenance rigs, and production service units. The deal also includes pre-qualifications and the establishment of subsidiaries, which establishes ADNOC Drilling’s presence in four promising geographical areas within the Gulf countries.

This acquisition comes within the framework of ADNOC Drilling’s disciplined approach to capital management, which aims to achieve added value in every acquisition and implement it in line with its strong financial structure, through the effective employment of resources and achieving sustainable returns. The deal is planned to contribute to enhancing profitability, which confirms the company’s commitment to a thoughtful growth strategy.

On this occasion, Abdullah Attiya Al-Musabi, CEO of ADNOC Drilling, described the deal as an important strategic step in the company’s journey, which is expected to contribute to enhancing its capabilities, accelerating the pace of its regional growth, and consolidating its position as a major provider of energy services in the region. He pointed out that this partnership would contribute, after completing the deal, to expanding the company’s regional presence, and enabling it to provide added value to its customers and shareholders, in light of the rapid developments taking place in the energy sector.

This step confirms the strength of ADNOC Drilling’s business model, which is based on operational excellence, integration of services, and fleet diversity, and the company’s ability to carry out its operations efficiently and responsibly, and adapt to market changes.

With the completion of the anticipated deal, this acquisition is expected to contribute to enhancing the company’s operational and financial flexibility, enabling it to adapt to market fluctuations across its various cycles, and providing reliable results to customers and shareholders.

In light of the increasing demand for energy services in the region, ADNOC Drilling seeks to consolidate its position as a responsible and effective provider of energy services, by taking advantage of available opportunities, providing highly efficient solutions, and enhancing value for shareholders.

The transaction is expected to be completed during the first half of 2026, subject to meeting the applicable terms and conditions, including obtaining the necessary regulatory approvals.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related