Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi Holding, has completed the acquisition of a 51% stake in NTS Amega.
In a stock market filing on Tuesday, ADNOC Drilling announced that the acquisition follows a decision disclosed on July 16 to acquire the majority stake in NTS Amega.
NTS is a leading provider of solutions for technically challenging processes in the drilling industry, aimed at improving efficiency and reducing costs.
Headquartered in the UAE, NTS operates strategically located support hubs in the USA, Canada, Saudi Arabia, Singapore, and Norway.
In its 16 July statement, ADNOC Drilling valued the transaction at approximately $58 million.
In October 2023, Alpha Dhabi acquired a 51% equity stake in NTS. Subsequently, Enersol agreed to acquire the same 51% equity stake at the same valuation.
This acquisition is part of a series of moves by Enersol to strengthen its position in the oil and gas services sector. The company has also announced its decision to acquire a 95% equity stake in Deep Well Services (DWS), a US-based company providing specialised services to the oil and gas sector.
Additionally, Enersol acquired a 67.2% controlling stake in Gordon Technologies, a leading provider of Measurement While Drilling (MWD) technology to the oil and gas industry. These acquisitions align with Enersol’s strategic vision of becoming a technology-centric investment platform within the oilfield services sector.
