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Visual21 Nov 2025
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ADNOC Drilling Company (ADNOCDRILL) investor relations material
ADNOC Drilling Company M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary5 Nov, 2025
Deal rationale and strategic fit
Acquisition of an 80% stake in MB Petroleum Services accelerates regional expansion and diversification, strengthening presence in Oman, Kuwait, Bahrain, and Saudi Arabia.
Adds 21 rigs and expands the client base, making the company a top drilling operator in Oman and Kuwait.
Builds on a roll-up strategy and prior partnerships, supporting both organic and inorganic growth.
Enhances integrated offering, technology ecosystem, and access to new geographies and pre-qualifications.
Reflects commitment to disciplined, value-driven growth and robust financial framework.
Financial terms and conditions
80% stake in MB Petroleum Services acquired for $204 million (AED 749 million), with some sources citing $163 million; transaction valued at less than 4x EBITDA, closer to 3.5x.
Funded through undrawn/existing debt facilities, with no impact on dividend policy.
Immediate accretion to earnings, cash flow, and returns upon completion, with double-digit free cash flow yield and mid to high teens IRR.
MBPS generated $187 million in revenue and $56 million EBITDA in 2024, with a ~30% EBITDA margin.
Option to acquire the remaining 20% stake after three years via call and put options.
Synergies and expected cost savings
Synergies expected from combining operations with previous acquisitions, especially in Oman and Kuwait.
Geographic and product synergies, including expansion into production services and integrated commercial proposition.
Enhanced ability to participate in regional tenders and leverage local partnerships.
Expected to optimize capital structure and improve operational and financial resilience.
Acquisition expected to generate attractive returns and unlock shareholder value.
Expected FCF expansion from CapEx reduction
Offshore jack-up tender strategy
How MBPS expands service portfolio
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Next ADNOC Drilling Company earnings date
Q4 202511 Feb, 2026
Next ADNOC Drilling Company earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
ADNOC Drilling Company P.J.S.C. is a leading provider of drilling services in the United Arab Emirates, operating as a crucial part of the Abu Dhabi National Oil Company's (ADNOC) upstream activities. The company offers a wide range of drilling and associated services across four main segments: Onshore, Offshore Jackup, Offshore Island, and Oilfield Services. ADNOC Drilling provides both onshore and offshore drilling rigs, as well as a variety of oilfield services including directional drilling, surface logging, and wireline services. Additionally, the company supports infrastructure needs such as transportation, camp construction, and accommodation services. The company is headquartered in Abu Dhabi, United Arab Emirates, and its shares are listed on the Abu Dhabi Securities Exchange.
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