Muscat: MB Group has announced a strategic sale of 80% of its oilfield services subsidiary, MB Petroleum Services MENA (MBPS), to ADNOC Drilling, with MB LLC retaining a 20% stake of MBPS, marking a historic milestone in the MB Group’s journey as a diversified private investment house and ADNOC Drilling’s regional transformation. This strategic sale comes after more than 40 years of growth, during which MBPS played a pioneering role in developing the oilfield services sector in Oman and the MENA Region.
Speaking of this milestone, Usama Al Barwani, Vice Chairperson of MB Group, said: “This is a significant milestone in our Groupwide focus on being at the forefront of value and technology in all our industries, including Energy, Mining, Engineering Services and Real Estate Development. ADNOC Drilling is a major player with remarkable sustainability and technological breakthroughs, and we look forward to a bright future for oil well services in the MENA region.”
Said Al Jabri, CEO of MB LLC, said about MBPS’ successes: “This achievement showcases MBPS’ expertise in the MENA region, strong HSE record, and technical success. MBPS has a strong legacy building Oman’s oilfield and well services sector, being the very first company in this field, and achieving +84% Omanization in Oman alongside strong localization in other MENA countries.”
Focusing on the future of MBPS, Dr. Salim Al Harthy, CEO of MBPS, said: “Thank you to everyone in the MBPS team who helped secure Oman’s positioning as a strong player in this vital sector since 1982, and who continue to deliver exceptional value in Oman, the KSA, Bahrain, and Kuwait. Meanwhile, we look forward to MBPS’s next chapter with ADNOC, leveraging our mutual technical and operational expertise. We can expect even greater successes in the future.”
“Since its establishment in 1982, MBPS has grown into a trusted partner for operators and governments in the energy sector, with a strong footprint across the Middle East. Its key achievements include strong safety records, including +18 years without LTI in hoist 34, and being one of the biggest drilling fluids suppliers in the Middle East. In Drilling and Workover, MBPS has registered more than 10,000 oil, gas, and geothermal well entries. Today, MBPS MENA has long term contracts for over 8 drilling rigs, 13 workover rigs/hoists and 6 wireline and well tests units, operated by over 1400 professionals in 5 MENA countries.”
Herbert Smith Freehills Kramer LLP acted as legal advisor and Houlihan Lokey as exclusive financial advisor to MB Group in connection with the Transaction
MB Group remains proud of MBPS’s achievements and its contribution in shaping the petroleum services sector for four decades. The Group will continue to focus on advancing its diversified portfolio across mining, energy, engineering services, real estate development, private air services, and superyacht manufacture, maintaining its presence across Asia, Africa, and Europe.
