Why ADNOC Drilling Launched $1.5bn Enersol, in Partnership with Alpha Dhabi?

Technology and AI permeates every element of our operations, supporting efficiency, growth, profitability and sustainability.

At ADNOC Drilling , we recognised the necessity and advantage in capitalising on the technological and AI revolution and sought to build a portfolio of patented tech-enabled businesses through a joint venture with Alpha Dhabi Holding .

In January, we launched Enersol Energy Solutions with a clear strategic objective of becoming a tech-centric investment platform with $1.5 billion to invest in innovative oilfield services (OFS) companies, including IP ownership. This JV is of strategic importance to ADNOC Drilling, and the UAE, it futureproofs our business and supports the diversification and in-country value creation of the economy.

Enersol has already invested $550 million in three companies - Gordon Technologies, LLC , NTS AMEGA GLOBAL and EV . These companies have in turn completed 2 bolt on acquisitions, Paisano Labs LLC and Cobore, Inc. . We are currently evaluating many more technologies for their value-add and synergies, and we look forward to announcing more in the coming months.

Enersol’s acquisitions are assessed for their direct use case application, scalability, accretion, and ability to support wider energy transition ambitions, a net zero agenda and ongoing economic diversification efforts. Our growing, and diverse, portfolio of companies, will be instrumental in providing innovative technologies to all clients, with a focus on growing their businesses in the Middle East and supporting the conventional and unconventional activities of amongst others, ADNOC Drilling and Turnwell, our lump sum turn key solutions joint venture with 斯伦贝谢 and Patterson-UTI .

The current firms, of which Enersol has majority or full ownership,?are already generating operational and economic efficiencies and synergies.

Our first acquisition, Gordon Technologies, which we now have a 67.5 per cent stake in, is a world leader in measurement-while-drilling (MWD) technology and one of the few fully integrated MWD companies.

Through leveraging its position as an Enersol company, Gordon Technologies recently opened a facility in Abu Dhabi, expanding outside the US for the first time. Its MWD technology enables real-time operations, minimising invisible lost time and enhancing efficiency.

Gordon Technologies and its proprietary technology, including three patents, has achieved best in class performance. Its MWD equipment has a market leading high temperature Mean Time Between Failure rate of 2,270 hours – more than double the US industry average.

In July, we acquired a majority stake, NTS Amega, a global provider of advanced manufacturing, complex tool repair and rental solutions for the oil and gas sector.

With facilities in 36 countries, NTS can develop precision equipment and components based on a technical blueprint, which helps us solve?technically challenging processes in the industry, supporting operational efficiency and reduced costs.

Specialized repair processes provided by NTS also extend the life of tech-centric equipment such as MWD.

Most recently, we acquired EV, the downhole visual analytics company that has developed world-leading downhole visual diagnostics and analytics tools. Its 360-degree downhole cameras and integrated camera-ultrasound technologies generate vivid and visual diagnostic information, while its AIVA software enables cloud-based data storage and visualization using AI and machine learning techniques.

These tools provide an invaluable, comprehensive understanding of challenges in the well, including information about condition, status, and performance. This information enables operators to?make better informed decisions and problem-solve in situ, minimising uncertainty, mitigating risk, and maximising operational efficiency and cost.

Through its research and development center, EV Technology Centre, EV has an impressive 116 patents. We anticipate more innovative products on the market in the future.

By bringing all of these tech companies under one umbrella, Enersol is also creating synergies that lead to further efficiencies. Its?industry ties provide its companies with an in-field partner with whom they can develop, test and launch new technologies, creating a continuous cycle of innovation and supporting growth.

The Enersol family of companies will also capitalize on the growth strategies of ADNOC Drilling and Turnwell, and the acceleration of the recovery of UAE conventional and unconventional energy resources, which involves thousands of wells over many years to come.

With almost $1 billion still to be invested in the near future, Enersol is on track to become a major global player in technology-enabled energy investments, opening up many strategic venues and alternatives for the future of Enersol, and with it substantial value creation for the ADNOC Drilling shareholders and all stakeholders.