Maya Patel

ADNOC Drilling Company : Enersol, a JV with Alpha Dhabi, to acquire 95% stake in Deep Well

Enersol, a JV of ADNOC Drilling and Alpha Dhabi, signed an agreement on 4 November 2024, to acquire a 95% stake in Deep well services – a technology-enabled energy services company, which offers advanced technology, data analytics and automation to enhance performance and sustainability in the energy sectors – for $223mn. These investments are aimed at optimising well development for unconventional energy resources and are aligned with Enersol’s strategic vision of becoming a technology-centric platform. To date, Enersol has already invested over $750mn and is further projected to invest $560mn by end-2025. ADNOC Drilling expects equity income from Enersol to add approximately $100mn in full-year profit by end-2025.

December 03, 2024 at 12:20 pm