ADNOC Drilling said the acquisition of an 80 percent stake in MB Petroleum Services (MBPS) has increased its regional rig count through joint ventures to 30 across Oman, Kuwait and Bahrain.

The total fleet stands at 170 rigs, among fleets in the Middle East and North Africa (MENA) and globally, the Adnoc subsidiary said in a statement to the Abu Dhabi Securities Exchange (ADX).

MBPS is a drilling and oilfield services joint venture with Muscat-based MB Holding Company, with operations in Oman, Kuwait, Saudi Arabia and Bahrain.

The acquired portfolio includes 22 drilling and workover rigs and production service units, along with pre-qualifications, subsidiaries and an established presence across four key Gulf geographies.

The joint venture has an enterprise value of $204 million.
 

In January, MBPS secured contract awards for four additional rigs with deployment expected from the second half of 2026 into the first half of 2027, including three in Kuwait and one in Oman, the statement said.

On Sunday, parent company ADNOC had confirmed that it is accelerating growth and delivery of its strategy with 200 billion UAE dirhams ($55 billion) in new project awards for 2026-2028. 

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.