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Adnoc Drilling’s JV with Alpha Dhabi, Enersol, plans to invest some USD 750 mn in acquisitions of oilfield services tech firms in 2025, using up the rest of its USD 1.5 bn budget for acquisitions, Adnoc Drilling CFO Youssef Salem told EnterpriseAM UAE. The JV acquired stakes in four firms last year, including manufacturing solutions provider NTS Amega, oil engineering firm Gordon Technologies, Deep Well Services, and EV Holdings
Adnoc Drilling expects to see its revenues grow 18% in the medium term, with plans to distribute USD 5 bn in dividends over the next five years, representing 20% of its market cap, Salem said. The company’s revenues rose 28% y-o-y to USD 2.9 bn in 9M 2024.
It’s also expanding to Kuwait and Oman, where it has been pre-qualified for operations and where the market for land rigs is three times larger than Abu Dhabi, Salem said.
The company also plans to refinance USD 2 bn in term debt in 4Q 2025 through a global syndicate of lenders, including European, American, Japanese, Middle Eastern and Chinese lenders, he added.
