ADNOC Drilling and Alpha Dhabi JV to fully acquire EV Holdings for $45mln

ABU DHABI/WAM

ADNOC Drilling Company and Alpha Dhabi Holding announced today that their joint venture Enersol (JV) has agreed to acquire a 100% equity stake in EV Holdings Ltd. (EV) for approximately $45 million 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.
EV’s specialised 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.
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 visualisation and software analytics.
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.