ADNOC Drilling acquires 80% stake in MB Petroleum Services to form joint venture, expanding regional drilling fleet to 170 rigs
Type: Partnership · Technology: Oil Gas · Country: Oman, Kuwait, Saudi Arabia, Bahrain · Capacity: 170 rigs · Announced: 2026-05-05
ADNOC Drilling completed the acquisition of an 80% stake in MB Petroleum Services (MBPS), forming a joint venture that expands its regional drilling fleet to 170 rigs across Gulf markets. The transaction, finalized ahead of schedule, covers MBPS operations in Oman, Kuwait, Saudi Arabia, and Bahrain, with MB Holding Company retaining a 20% stake in the venture. The joint venture adds 22 drilling and workover rigs and production service units, increasing ADNOC Drilling’s regional rig count through joint ventures to 30 across Oman, Kuwait, and Bahrain. The venture has already secured four additional rig contracts in Kuwait and Oman, with deployment expected from the second half of 2026 into the first half of 2027. Financial results from the joint venture will be consolidated into ADNOC Drilling’s accounts from the closing date, with full-year contributions expected from 2027.
Counterparties
- MB Holding Company (Partner)
- MB Petroleum Services (MBPS) (Partner)
- ADNOC Drilling (Partner)