ADNOC Drilling and Alpha Dhabi JV to acquire EV Holdings for AED 165m

ADNOC Drilling Company and Alpha Dhabi Holding have announced the joint venture Enersol (JV) has agreed to acquire a 100 per cent equity stake in EV Holdings Ltd. (EV) for approximately AED 165 million ($45 million) from UK-based private equity firm, Dunedin.

Headquartered in the United States, EV is a leading global provider of vision-based diagnostics and analytics services for the oil and gas sector. The company has a global footprint with a presence in 36 countries, including the UAE and Saudi Arabia.

The company provides well diagnostics services by leveraging a range of solutions that resolve highly complex wellbore issues across the well lifecycle.

EV’s specialised well diagnostic solutions are offered through market-leading 360 degree downhole cameras, integrated camera-ultrasound technology and other tools that generate vivid and visual diagnostic information to enable the rapid and effective evaluation of technically challenging well issues.

This is Enersol’s third acquisition, having last week signed an agreement to acquire 51 per cent of NTS Amega (NTS), a leading global manufacturer of advanced precision equipment and solutions provider for the energy sector, subject to customary and regulatory approvals.

Enersol also has agreed to acquire an additional stake, to a total 67.2 per cent majority, in Gordon Technologies, a US-based provider of measurement while drilling services.

Completion of the transaction is subject to obtaining the necessary regulatory approvals and closing adjustments, after which the EV stake will be formally transferred to Enersol.