Adnoc Drilling to acquire 80% stake in MB Petroleum Services

ACCELERATING REGIONAL ENERGY SERVICES AND LEADERSHIP

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Adnoc Drilling Company announced on Wednesday that it has entered into a definitive agreement to acquire 80 per cent 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 Adnoc Drilling's 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.

The enterprise value of the transaction is $204 million (Dhs749 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.

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.