Enersol to Acquire Deep Well Services, a Technology-Enabled Energy Services Company

Agreement signed to acquire 95% equity stake in Deep Well Services for $223 million, in support of Enersol’s growth plans

Deep Well Services leverages advanced technology, data analytics and automation to enhance performance and sustainability in the energy sector

Acquisition aligned with Enersol’s strategic vision to become a technology-centric investment platform

Fourth acquisition for Enersol, bringing total commitments close to $800 million since inception

Abu Dhabi, UAE – November 04, 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 95% equity stake in Deep Well Services (DWS), for approximately $223 million1 including performance-based payments. Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent.

Established in the United Sates in 2008, DWS specializes in several advanced technologies and services within the energy sector. Its patented Hydraulic Completion Units (HCU) are designed for high-pressure, long lateral, and multi-well completion operations, enabled by its data analytics software, BoreSite® and its training and development, which offers globally accredited programs that enhance operational safety and efficiency. DWS has additionally established joint venture; AutoSep Technologies, which focuses on automating flowback operations. DWS works in numerous basins across North America and its services has been adopted by over 70 E&P companies ranging from small-private operators to large-cap national energy companies. 

DWS, through Enersol, will play a role in contributing to the development of the UAE’s conventional and unconventional energy resources. Enersol companies will support the delivery of ADNOC Drilling’s recent $1.7 billion contract award to deliver 144 unconventional wells to ADNOC Group by leveraging the various technologies available to it. 

Compelling financial performance
For the full year 2023 DWS delivered strong financial performance, with revenue over $205 million. It also delivered a robust EBITDA margin and is expected to yield free cash flow of more than 10%. DWS’s attractive operational and financial profile is aligned with Enersol’s acquisition strategy to acquire, and invest in, multiple businesses and foster a scalable portfolio, enhancing market value and optimizing operational efficiencies. 

The acquisition serves as an additional marker in building Enersol’s next-generation technology portfolio, which will present the JV with an additional avenue for growth across untapped markets as well as further upside potential in the long term.

Enersol’s fourth acquisition this year
This is Enersol’s fourth acquisition, having previously agreed to acquire, subject to regulatory approvals, EV, a downhole visual analytics company, a 51% stake of NTS Amega, a leading global manufacturer of advanced precision equipment and solutions provider for the energy sector, and a 67% stake in Gordon Technologies, a US-based provider of measurement while drilling services.