ADNOC Drilling, Alpha Dhabi venture to acquire EV Holdings for $45m

Image credit: WAM

Enersol, a joint venture between Abu Dhabi’s ADNOC Drilling and Alpha Dhabi Holding, has agreed to acquire EV Holdings from UK-based private equity firm Dunedin for approximately $45m.

ADNOC Drilling and Alpha Dhabi said in a joint statement that the acquisition marks Enersol’s third deal, bringing the company’s total commitments to approximately $550m since its inception.

The transaction is subject to regulatory approvals. EV is a global provider of vision-based diagnostics and analytics services for the oil and gas sector, operating in 36 countries, including the UAE and Saudi Arabia.

The company reported revenues exceeding $30 million in 2024, with significant contributions from the MENA region, and is expected to generate over 10 per cent free cash flow moving forward.

Meanwhile, Abu Dhabi-based Enersol is advancing plans to acquire and invest in multiple businesses. It aims to build a scalable ecosystem that will enhance market value and establish the JV as a technology-centric investment platform in the energy sector.

Last week, the venture agreed to acquire 51% of NTS Amega (NTS), a manufacturer of advanced precision equipment and solutions provider for the energy sector, subject to regulatory approvals.

Enersol agreed to acquire an additional 42.21 per cent equity stake in Gordon Technologies for approximately $270m in June, making the venture the majority equity holder in the drilling technology provider.

Alpha Dhabi and ADNOC Drilling established a strategic partnership last November to invest up to $1.5bn in acquiring technology-enabled companies in energy and oilfield services. ADNOC Drilling is well-positioned to benefit from Enersol’s AI, digitisation, and advanced technology acquisitions.

The acquisitions will provide the energy drilling firm with increased access to advanced technology and intellectual property.

Read: IHC’s Alpha Dhabi transfers 25% stake in US firm to ADNOC Drilling JV