Houlihan Lokey Advises MB Group

Houlihan Lokey is pleased to announce that Mohammed Al Barwani LLC (MB Group) has agreed to sell an 80% interest in Mohammed Al Barwani Petroleum Services Co. LLC’s (MBPS) MENA operations, its strategic regional oilfield services subsidiary, to ADNOC Drilling, ADNOC’s OFS subsidiary, for an implied EV of $204 million.

MB Group is an international family-owned group of companies with operations in more than 20 countries across the Middle East, Europe, Africa, South Asia, and Australia. Established in 1982, the group began with integrated drilling and oilfield services as its core business through its subsidiary MBPS. Over the years, MB Group has diversified into oil and gas exploration and production, marine engineering, mining and mineral exploration, manufacturing and trading, real estate development, and other strategic investments.

MBPS is a leading Oman-based oilfield services company, providing an integrated suite of drilling, workover, production well services, drilling fluids, mud logging, coiled tubing, and wireline solutions across the Middle East. Since its establishment in 1982, MBPS has been at the forefront of delivering world-class petroleum services. As of today, MBPS operates across the MENA region with eight drilling rigs, 13 workover rigs/hoists, and six wireline and well-testing units, employing more than 1,400 professionals across Oman, Bahrain, Kuwait, and Saudi Arabia. MBPS has earned a reputation as a trusted partner for operators and governments in the energy sector, maintaining an outstanding safety record and ranking among the largest drilling fluids suppliers in the Middle East. In drilling and workover operations, MBPS has achieved more than 10,000 oil, gas, and geothermal well entries.

ADNOC Drilling, listed on the Abu Dhabi Securities Exchange ($24 billion of market capitalisation as of 3 November 2025), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multidiscipline drilling fleets in the world. ADNOC Drilling is a critical link in ADNOC’s upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables the UAE’s gas growth. In May 2025, ADNOC Drilling strengthened its regional presence by acquiring a 70% interest in SLB’s land drilling rigs business in Kuwait and Oman, adding eight fully operational land rigs under long-term contracts—a significant milestone in its regional expansion beyond the UAE.

On 4 November 2025, MB Group announced the sale of an 80% interest in MBPS’ MENA operations to ADNOC Drilling, for an implied EV of $204 million. The transaction represents a significant milestone for MB Group, which will maintain a minority shareholding of 20% in MBPS’ MENA operations and continue to play a key role in the regional OFS space.

Houlihan Lokey acted as the sole financial advisor to MB Group, supporting key aspects of the transaction, including the early-stage preparation of the equity story and marketing materials, supporting the selection of a shortlist of potential buyers, assisting on the due diligence process, as well as assisting on negotiations on transaction documentation.

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