ADNOC Drilling completed its acquisition of an 80% stake in MB Petroleum Services (MBPS), a drilling and oilfield services joint venture with MB Holding Company, with operations in Oman, Kuwait, Saudi Arabia and Bahrain.

The transaction closed ahead of the original mid-year timeline. Under the agreement, ADNOC Drilling, through a wholly owned subsidiary, holds an 80% stake in MBPS, with MB Holding retaining 20% through its subsidiary.

The acquired portfolio comprises 22 drilling and workover rigs and production service units across the four Gulf markets. The deal carries an enterprise value of $204 million and is expected to be earnings, cash flow and returns accretive. MBPS results will be fully consolidated within ADNOC Drilling’s onshore segment from the closing date, with the first full-year contribution in 2027.

The acquisition brings ADNOC Drilling’s total rig fleet to 170, with its regional joint venture rig count rising to 30 across Oman, Kuwait and Bahrain.