During a busy week for Adnoc subsidiaries at Abu Dhabi’s Adipec conference, services firm Adnoc Drilling announced a “definite agreement” to acquire 80% of MB Petroleum Services (MBPS) drilling company. MBPS is a subsidiary of Mohamed Barwani LLC, part of the billion-dollar Barwani family conglomerate in Oman. It has the option to buy the remaining 20% after three years.
The stake will add 21 rigs to Adnoc Drilling’s fleet: 13 in Oman, four in Kuwait, and another four in Bahrain. “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,” says Adnoc Drilling CEO Abdulla al-Messabi. (CONTINUED - 188 WORDS)