ADNOC takes stake in US drilling technology entity

ABU DHABI, January 10, 2024 – ADNOC Drilling and its partner Alpha Dhabi Holding have taken a 25% stake in US measurement by drilling entity Gordon Technologies for USD 180 million, the Louisiana-based technology company announced on Tuesday.

Gordon Technologies was founded in 2014 and is now one of the USA’s only integrated measurement by drilling technology providers with a specialisation in high-temperature applications.

According to the press release, the company is expecting revenues of more than USD 230 million in the 2023 financial year.

“Access to these technologies will support us in our operations and accelerate well delivery optimisation in the development of unconventional resources as we strive to enable gas self-sufficiency for the [UAE],” said Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling.

The move marks the first strategic investment by the two state-owned partners under a joint venture entity aimed at upping global investments in energy technology segments.

ADNOC Drilling holds a 51% stake in the new joint venture, with Alpha Dhabi Holding taking the remaining stake.

Read our latest insights on: