ADNOC Drilling has made an acquisition that significantly expands its regional rig count. Through joint ventures, ADNOC Drilling has increased its total rig count to 30 across Oman, Kuwait, and Bahrain.
This acquisition involves an 80% stake in MB Petroleum Services (MBPS). MBPS is a drilling and oilfield services joint venture with Muscat-based MB Holding Company, with operations in Oman, Kuwait, Saudi Arabia and Bahrain.
In a statement to the Abu Dhabi Securities Exchange (ADX), the ADNOC subsidiary stated its total fleet now comprises 170 rigs, including those in the Middle East and North Africa (MENA) region and globally.
The portfolio comprises 22 drilling and workover rigs, production service units, pre-qualifications, subsidiaries, and a well-established presence in 4 crucial Gulf geographies. Parent company ADNOC had confirmed that it is accelerating growth and delivery of its strategy with $55bn in new project awards for 2026-2028.
The joint venture has an enterprise value of US $204mn. In January, MBPS secured contract awards for 4 additional rigs with deployment expected from the second half of 2026 into the first half of 2027, including 3 in Kuwait and 1 in Oman, the statement said.
