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1 ACQUISITION OF 80% OF MB PETROLEUM SERVICES (MBPS) 4 November 2025
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2 DISCLAIMER This presentation has been prepared by ADNOC Drilling Company PJSC (the “Company”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be construed as an offer to sell or a solicitation of an indication of interest to purchase any equities, security, option, commodity, future, loan or currency including a private sale of shares in the Company (the “Financing Instruments”). It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide the basis for any third-party evaluation of any Financing Instrument or any offering of them and should not be considered as a recommendation that any recipients should subscribe for or purchase any Financing Instruments. The recipient agrees to keep confidential any information contained herein and any other written or oral information otherwise made available in connection with any potential transaction related to this presentation and shall not reproduce, publish, distribute or otherwise divulge such information to any other person(s) other than in accordance with any applicable non-disclosure agreements executed by the recipient with the Company. None of the Company or any of its affiliates or advisors make any representation or warranty as to the fairness, accuracy, adequacy or completeness of the information, the assumptions on which it is based, the reasonableness of any projections or forecasts contained herein or any further information supplied or the suitability of any investment for your purpose. None of the Company or any of its affiliates or advisors, or their respective directors, officers or employees, share any responsibility for any loss, damage or other result arising from your reliance on this information. Each of the Company, its affiliates and advisors therefore disclaim any and all liability relating to this presentation including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the information herein. No recipient of this presentation should rely upon any information contained in this presentation, including but not limited to any historical financial data, forward looking statements, forecasts, projections or predictions. The Company, its affiliates, representatives and advisors are acting solely in the capacity of an arm’s length counterparty and not in the capacity of your financial advisor or fiduciary. Such information is represented as of the date and, if applicable, time indicated and the Company, its affiliates and advisors do not accept any responsibility for updating any such information. Nothing in this presentation should be construed as an advice of, amongst others, legal, tax, regulatory, accounting or investment nature. The recipients should seek and rely upon the advice of its own professionals and other advisors for such matters. This presentation may be recorded, and the Company will assume that by attending this presentation the recipient consents to such recording.
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3 ACCELERATING GROWTH WITH NEW VENUES DELIVERING GROWTH THROUGH ENERSOL, UNCONVENTIONALS AND REGIONAL EXPANSION Enersol Unconventional Resources $1.7bn Awarded to ADNOC Drilling, executed by the JV Turnwell1 Diversified, tech-centric OFS investment platform ADNOC Drilling benefits from Enersol’s OFS tech-enabled acquisitions to further develop its integrated offering and tech ecosystem Total investment to date of ~$0.8bn Additional ~$0.7bn equity to be deployed Sustaining ADNOC Drilling’s growth 144 Wells Drilling 144 oil and gas wells over 2+ years Phase 2 300+ wells annually Regional Geographical Expansion Unlocking a new era of expansion and de-risked, accretive growth Cement our status as one of the fastest growing energy services companies Opportunity to capture further upside from our integrated commercial proposition 1 JV between ADNOC Drilling, SLB and Patterson 2 In Oman and Kuwait; transaction announced in May 2025 3 In Oman, Kuwait, Saudi Arabia and Bahrain 4 In Qatar, and others 5 29 regional rigs subject to regulatory approvals and transaction closing; includes 8 rigs from transaction with SLB (announced in May 2025) and 21 rigs from transaction with MBPS 6 140 current rig fleet size; addition of 29 regional rigs subject to regulatory approvals and transaction closing Partnership Business Units Geo. Footprint • Drilling Services • OFS • Drilling Services • Workover Services • Production Services • Drilling Fluid Solutions • OFS Land drilling business2 Current Scope3 Prequalified4 Current Scope2 29 regional rigs5, driving future business accretive growth in the region 169 ADNOC Drilling Rig Fleet Size Pro-forma Acquisitions6
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4 80%1 SECOND ACQUISITION ACCELERATES REGIONAL STRATEGY Transaction Overview Transaction Structure Mohammed Al Barwani LLC5 20% Cash • Upon closing of the transaction, ADNOC Drilling is expected to fully consolidate the financial results • Derisked transaction with strong alignment of interests between shareholders given lock-up period and remaining equity interest • Agreed mechanism for ADNOC Drilling to acquire remaining stake ADNOC Drilling will acquire 80%1 stake in MB Petroleum Services (MBPS) The acquisition consideration for the 80% stake is $163 million2 Perimeter covers Drilling , Workover & Production Services and Drilling Fluid Solutions, including 21 rigs across Oman, Bahrain, Kuwait3 and compatible with Abu Dhabi operations ADNOC Drilling will fund the transaction through its existing debt capacity The acquisition is expected to be earnings accretive upon closing, expected by H1 20264, and to deliver attractive returns Joint Venture Exit plan post lock-up period 100% 1 Stake to be acquired through an ADNOC Drilling wholly-owned subsidiary 2 80% of the transaction’s Enterprise Value 3 Presence in Kuwait via 2 JVs encompassing a total of 4 rigs; 2 rigs are operated by a partner leveraging MBPS license and 2 rigs operated by MBPS 4 Transaction subject to regulatory approvals and the fulfillment of other closing requirements 5 MB LLC is a multinational group of companies with operations and subsidiaries in more than 20 countries across the globe in the Middle East, Europe, Africa, South Asia and Australia. It is the parent company of MBPS before the transaction
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5 ACQUISITION OF KEY OFS PLAYER IN OMAN MBPS TO PROVIDE A PLATFORM TO FURTHER EXPAND THE FOOTPRINT IN THE REGION # Rigs1 1 Source: Rystad Energy – Land Rig Cube 2 In addition to 4 rigs in Bahrain and 4 rigs in Kuwait (presence in Kuwait via 2 JVs; 2 rigs are operated by a partner leveraging MBPS license and 2 rigs operated by MBPS) 3 In addition to 2 rigs in Kuwait MBPS well positioned vis-à-vis international players given its local angle, deep relationships in the region, as well as long-standing track-record of successful operations Oman Rig Contractors Landscape 6 13 26 24 19 7 6 6 4 4 2 2 1 International Energy Services LLC (Oman) Oil Service & Engineering Co (Oman) 6 Drilling & 7 Workover Rigs + 2 3
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6 PARTNERSHIP STRATEGIC RATIONALE DE-RISKED, VALUE ACCRETIVE REGIONAL EXPANSION AT ATTRACTIVE VALUATION Additional step towards creating a dedicated platform for value accretive regional expansion and diversification, following the partnership with SLB’s land drilling business in Oman and Kuwait1 Expansion in highly resilient geographies with robust drilling programs with top-tier clients De-risked acquisition with secured contracts withs NOCs2 and other blue-chip clients Highly credible partner with compatible project objectives, benefiting from existing strong track record, customer relationships, and contracts Attractive valuation at <4x EBITDA with robust financial profile and expected returns, >10% free cash flow yield Further upside potential to returns through our unique integrated commercial offering 1 Subject to regulatory approvals 2 National oil companies
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7 ENHANCING GROWTH THROUGH GCC REGIONAL EXPANSION KEY TRANSACTION HIGHLIGHTS & ACCRETIVE TRANSACTION METRICS MBPS Key Investment Highlights Accretive Transaction for ADNOC Drilling Premium vs domestic IRR2 Expected unlevered IRR > Domestic drilling IRR under framework agreement <4x 25E EV/EBITDA3 Attractive implied entry multiple, at a significant discount to ADNOC Drilling’s levels 1 Not including two 2-year extension options for PDO 2 Refers to unlevered IRR of 10%-13% on domestic drilling, based on the rig framework agreement 3 Based on the acquisition consideration for the 80% stake of $163 million for ADNOC Drilling 4 Based on revenues from existing contracts Calculated strategy, with robust financial discipline Value driven, cost effective route investing at <4x EBITDA, with marginal impact on ADRILL’s leading margins 5 Earnings accretive with multiple avenues for growth, thanks to MBPS’ pre- qualification in all key Middle Eastern geographies (e.g. Oman, Kuwait, KSA, Bahrain, Qatar) 4 One of the key OFS companies in the Middle East, providing end–to-end drilling, workover and energy services 1 Robust financial performance with strong track record of growing profitability margins. In 2024, MBPS generated revenues of ~$187mm & EBITDA of ~56mm, implying a ~30% EBITDA margin 3 Highly experienced team recognized in the regional oilfield services industry, accelerating ADNOC Drilling’s strategy to become an integrated drilling service provider in the region beyond Abu Dhabi 6 Secured backlog with blue-chip customers, notably 4 rigs contracted with PDO for ~6 years1, providing strong visibility on future cash flows2 Double-digit free cash flow yield Strong cash generation supporting attractive returns ~$0.9bn Backlog4 Contracted revenues, strong visibility on investment payback EPS accretive transaction Debt funded, gradually optimizing the Balance sheet
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8 MBPS IS ONE OF THE KEY OFS COMPANIES IN THE MIDDLE EAST 2024A Revenue 10 Land Rigs1 2 Equipment Facilities 1 Warehouse in Oman Drilling Services ~$140mm Workover Services 11 Workover Rigs2 across Oman and Bahrain Production Services 3 Wireline Units / 3 Well Testing Units 2 Coil Tubing Units / 1 Equipment Facility ~$47mm Drilling Fluids Solutions 113 Engineers / 1 Chemical Warehouse Laboratory Facilities Centrifuge & Pressurized Cabin Unit 2024A EBITDA Total ~$187mm ~$56mm (30%) Onshore Drilling OFS 1 6 rigs in Oman, 4 rigs in Kuwait (presence in Kuwait via 2 JVs; 2 rigs are operated by a JV partner leveraging MBPS license and 2 rigs operated by MBPS) 2 For the 11 workover rigs it includes 7 rigs in Oman, and 4 rigs in Bahrain
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9 OVERVIEW OF MBPS OPERATIONS 1 Total consists of 10 drilling rigs and 11 workover rigs. 6 drilling rigs are in Oman and 4 in Kuwait. For the 11 workover rigs it includes 7 rigs in Oman, and 4 rigs in Bahrain. Presence in Kuwait via 2 JVs: 2 rigs operated by a partner leveraging MBPS license and 2 rigs operated by MBPS Drilling Services1 Production Services Drilling Fluids Solutions Rig 4 1,000 1999 Rig B100 1,000 2020 Rig B101 1,200 2022 Rig B150 1,500 2022 Rig B151 1,500 2022 Rig B152 1,500 2022 Workover Services1 (11 workover rigs) 500 - 750 2006 - 2011 Kuwait JVs1 (4 rigs) 550 x 4 Company / Assets Key ClientsCountry Rig Size (HP) Year Built Avg. Age of ~7 years (~4 years excl. Rig 4)
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10 CLOSING REMARKS AND NEXT STEPS Second strategic acquisition to accelerate regional roll-out strategy • Further delivery of ADNOC Drilling’s geographical expansion strategy • Roll-out in the region through partnership, a natural / de-risked step: – Attractive geographies, with clear ambition to increase capacity and potential for higher rig activity – Leverage ADNOC Drilling’s existing platform in Abu Dhabi • Partnering in an existing operating platform with contracts in place with state-owned entities and other blue-chip customers, providing visibility on long-term cash-flow generation • Relatively small investment at an attractive price ensuring accretion and value creation for ADNOC Drilling Supports in optimizing capital structure and creates shareholder value Accretive to financial metrics with attractive payback period De-risked, profitable growth opportunity in regional geographies Opportunity to improve returns from our integrated offering Timing • Transaction expected to close in 1H 2026, subject to customary regulatory approvals • Upon completion of the transaction, expected full consolidation (“line-by-line”) in the Onshore segment of ADNOC Drilling
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11 THANK YOU www.adnocdrilling.ae ir@adnocdrilling.ae To access further materials, please click here.