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Adnoc Drilling and Alpha Dhabi’s joint venture, Enersol, will acquire a majority 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn from Alpha Dhabi, according to a statement (pdf). Alpha Dhabi had acquired the stake in October 2023 for the same value.
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About the company: The UAE-based company provides manufacturing and repair solutions for the oil and gas sector, including tools to help make drilling more efficient. The firm operates in the UAE, Saudi Arabia, the US, Canada, Guyana, Norway, Singapore, Midland, and Lafayette.
This is Enersol’s second acquisition this year: The JV became a majority shareholder in n US Gordon Technologies after raising its stake in the oil engineering firm in a USD 270 mn transaction in June. In January, Alpha Dhabi transferred its 25% stake in Gordon Technologies, valued at around USD 180 mn, to Enersol, marking the JV’s first investment.
About Enersol: Adnoc Drilling and Alpha Dhabi Holding formed the JV committing up to USD 1.5 bn for global investments in energy technology and the enhancement of tech-enabled energy services. Adnoc Drilling holds a 51% majority share in Enersol, while Alpha Dhabi holds the remaining 49%.
More to come? Enersol was reportedly looking to acquire controlling stakes in three oilfield services technology companies specializing in the precision manufacturing, completion, and intervention segments, in 3Q 2024, Adnoc Drilling CFO Youssef Salem told EnterpriseAM UAE last month.
