ADNOC Drilling Partners with MB Petroleum Services in their GCC Land Drilling and OFS Business

ADNOC Drilling to acquire an 80% stake in MB Petroleum Services (MBPS), marking the second accretive acquisition as it accelerates regional expansion

Transaction expected to be earnings, cashflow and returns accretive upon completion

Partnership expected to provide stable, promising regional growth through 21 rigs as well as OFS contracts with Oman, Kuwait, Saudi and Bahrain NOCs

Agreement reflects ADNOC Drilling’s commitment to strategic, disciplined, value-driven expansion

Abu Dhabi, UAE – November 5, 2025: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today that it has entered into definitive agreement to acquire 80% of MB Petroleum Services (MBPS), one of the leading drilling and oilfield services (OFS) providers in the region with operations in Oman, Kuwait, Saudi Arabia and Bahrain. This transaction marks its second acquisition in the region, subject to regulatory approvals. 
 
This milestone deal is expected to significantly accelerate ADNOC Drilling’s regional expansion strategy, adding scale and capability and strengthening presence in four key Gulf economies.

Abdulla Ateya Al Messabi, ADNOC Drilling CEO, said: “This is a defining moment in ADNOC Drilling’s journey. The transaction represents a strategic leap that is expected to amplify our capabilities, accelerate our regional momentum and reinforce our position as a key energy services provider in the region. Upon completion, this partnership not only will strengthen our regional footprint but also position us to deliver enhanced value to our clients and shareholders in a rapidly evolving energy landscape.”

Business Model Strength and Resilience
ADNOC Drilling’s robust business model, built on operational excellence, integrated services and a diversified fleet, enables the Company to deliver consistent performance and adapt to evolving market dynamics. Upon completion and subject to regulatory approvals, this acquisition is expected to further strengthen ADNOC Drilling’s operational and financial resilience, positioning the company to navigate market cycles and deliver reliable results for clients and shareholders.

ADNOC Drilling remains committed to rigorous capital discipline, ensuring every investment is value-accretive and aligned with its robust financial framework. The transaction exemplifies the Company’s focus on prudent capital allocation and sustainable returns. This value-accretive transaction reflects ADNOC Drilling’s disciplined approach to growth, with the transaction expected to generate attractive returns. The enterprise value of the transaction is $204 million (AED 749 million), and the portfolio consists of 21 drilling and workover rigs , production service units, complemented by pre-qualifications, subsidiaries and established presence across four key Gulf geographies.

As demand for energy services surges across the region, ADNOC Drilling is strategically positioned to capture growth, deliver high-performance solutions, and unlock shareholder value. The transaction is expected to close in 1H 2026, subject to customary conditions, including the receipt of applicable regulatory approvals.