ADNOC Drilling Completes MBPS Joint Venture: What This Means for Investment Opportunities and Business Growth in Oman
ADNOC Drilling Company PJSC has successfully completed the acquisition of an 80% stake in MB Petroleum Services (MBPS), a drilling and oilfield services joint venture with MB Holding Company. MBPS operates across Oman, Kuwait, Saudi Arabia, and Bahrain.
The transaction was finalized ahead of the originally planned mid-year schedule, demonstrating disciplined execution and strong alignment between the partners.
Abdulla Ateya Al Messabi, CEO of ADNOC Drilling and Chairman of MBPS, stated, “The acquisition of MBPS significantly enhances ADNOC Drilling’s long-term regional capabilities by adding substantial operational scale and deep field execution expertise. By integrating MBPS’s established presence with our advanced systems, technology-driven approach, and scale, we are building a robust platform for delivery throughout the GCC. This deal aligns with our disciplined, value-accretive growth strategy as we continue to invest in our people and long-term capabilities, always prioritizing safety. The use of automation, AI, digital systems, and data-driven workflows will further support safe and consistent operations at scale.”
Usama Al Barwani, MBPS Board member and Vice Chairman of MB LLC, commented, “MBPS has built a strong legacy over many years, becoming one of the region’s leading energy services companies. This partnership with ADNOC Drilling showcases the shared vision and confidence of both shareholders in MBPS’s long-term potential. We believe ADNOC Drilling will drive future growth while maintaining our commitment to clients and investing in our workforce.”
Under the agreement, ADNOC Drilling, through its wholly owned subsidiary, holds 80% ownership of MBPS, while MB Holding Company retains a 20% stake via its subsidiary. MBPS will continue to be led by CEO Dr. Salim Al Harthy, ensuring continuity in management, execution, and regional expertise. Dr. Al Harthy noted, “This acquisition is a transformational milestone for MBPS. By combining our regional expertise with ADNOC Drilling’s strength and scale, we are creating a stronger foundation to expand across the MENA region, enhance our capabilities, and deliver greater value to customers. Our commitment remains steadfast to our people, clients, and the operational excellence that defines MBPS.”
Financially, the joint venture’s expected 2026 results will be fully consolidated by ADNOC Drilling within its Onshore segment starting from the closing date and have already been factored into the company’s publicly disclosed financial guidance for FY 2026. The first full year of financial contribution is anticipated in 2027.
The acquired assets include 22 drilling and workover rigs, production service units, along with pre-qualifications, subsidiaries, and an established operational presence across four key Gulf countries.
Special Analysis by Omanet | Navigate Oman’s Market
ADNOC Drilling’s acquisition of an 80% stake in MB Petroleum Services significantly strengthens regional drilling capabilities and accelerates technological integration in Oman and the broader GCC. This strategic move presents growth opportunities for energy service providers and signals a push toward enhanced operational efficiency through automation and AI. Smart investors should consider the burgeoning potential of the regional oilfield services sector, focusing on companies that leverage technology and regional partnerships for sustainable expansion.
