ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC have announced that their joint venture Enersol has agreed to acquire a 95% equity stake in Deep Well Services (DWS), for approximately US$223 million including performance-based payments. Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent.
DWS, through Enersol, will play a role in contributing to the development of the UAE’s conventional and unconventional energy resources. Enersol companies will support the delivery of ADNOC Drilling’s recent US$1.7 billion contract award to deliver 144 unconventional wells to ADNOC Group by leveraging the various technologies available to it.
This is Enersol’s fourth acquisition, having previously agreed to acquire, subject to regulatory approvals, EV, a downhole visual analytics company, a 51% stake of NTS Amega, a leading global manufacturer of advanced precision equipment and solutions provider for the energy sector, and a 67% stake in Gordon Technologies, a US-based provider of measurement while drilling services.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/05112024/adnoc-drilling-and-alpha-dhabis-joint-venture-enersol-to-acquire-deep-well-services/
