ADNOC-JV-buys-US-driller-for-233-million

ADNOC JV buys US driller for $223 million

ABU DHABI, November 5, 2024 – Oilfield services company Enersol, a joint venture between ADNOC Drilling and UAE-listed investment company Alpha Dhabi Holding, has agreed to acquire a 95% equity stake in US drilling specialist Deep Well Services (DWS) for approximately USD 223 million, ADNOC Drilling announced on Monday.

DWS specialises in drilling technology, engineering and analytics for the North American market, where it has worked with more than 70 E&P companies. The company had revenues of USD 205 million in 2023.

Through Enersol, DWS will participate in the development of the UAE’s conventional and unconventional energy resources, including in the delivery of ADNOC Drilling’s recent USD 1.7-billion contract award to drill 144 unconventional wells to ADNOC Group.

Enersol was created by ADNOC Drilling and Alpha Dhabi to acquire and grow companies with advanced technology for oilfield and energy services. The acquisition of DWS is Enersol’s fourth, following EV, a downhole visual analytics company, a 51% stake in NTS Amega, a manufacturer of advanced precision equipment, and a 67% stake in Gordon Technologies, a US-based provider of measurement-while-drilling services.

The consideration for DWS excludes transaction fees and expenses and completion adjustments, and includes performance-based considerations. The transaction is subject to regulatory approvals and other customary conditions precedent.

Photo courtesy of DWS

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