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Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi Holdings, has signed an agreement to acquire a U.S.-based oilfield services company Deep Well Services (DWS) for approximately $223 million, including performance-based payments.
Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent, and following the positive outcome, Enersol will obtain 95% equity stake in DWS.
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 United Arab Emirates’ 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.
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. |
