Abu Dhabi, UAE – August 5, 2024: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) and Alpha Dhabi Holding PJSC (‘’Alpha Dhabi’’) (ADX: ALPHADHABI) announced today that their joint venture Enersol (the “JV’’) has agreed to acquire a 100% equity stake in EV Holdings Ltd. (EV) for approximately $45 million1 from UK-based private equity firm, Dunedin. 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.

With corporate headquarters 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. 

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

Compelling financial performance

In FY2024 EV has delivered strong financial performance, with revenue over $30 million, supported by a significant contribution from the MENA region. It also delivered a robust EBITDA margin, and is expected to yield free cash flow of more than 10% going forward. EV’s attractive operational and financial profile is aligned with Enersol’s acquisition strategy. The acquisition serves as an additional milestone in building Enersol’s next-generation technology ecosystem, which will present the JV with an additional avenue for growth across untapped markets as well as further upside potential in the long-term.

A market-leading platform, enabled by AI
EV’s specialized 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. EV has also developed AIVA, a tool agnostic cloud-based data storage, visualization platform including through the application of AI and machine learning techniques to accelerate data transfer, storage and analysis. 

By leveraging the EV Technology Centre dedicated to research and development in the UK, EV is home to 116 patents and has a successful track record of bringing new and innovative products to market. Over the next two years, EV is targeting the introduction of a strong pipeline of products on account of its R&D capabilities, including pipeline visualization and software analytics.

Enersol’s third acquisition this year
This is Enersol’s third acquisition, having last week signed an agreement to acquire 51% 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% majority) in Gordon Technologies, a US-based provider of measurement while drilling services.

Enersol is actively advancing plans to acquire and invest in multiple businesses and foster a scalable ecosystem that will enhance market value and position the JV as a technology-centric investment platform to the energy sector.

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