-- Adnoc Drilling (ADX:ADNOCDRILL) concluded the purchase of an 80% stake in drilling and oilfield services joint venture MB Petroleum Services with MB Holding Co.
The deal, comprising 22 drilling and workover rigs, as well as production service units, was completed ahead of its mid-year timeline, according to a Monday release. The joint venture has operations in Oman, Kuwait, Saudi Arabia, and Bahrain.
Adnoc Drilling expects the joint venture, with an enterprise value of $204 million, to be earnings, cash flow, and returns accretive.