ADNOC Drilling Company and Alpha Dhabi Holding announced today that their joint venture (JV) Enersol has agreed to acquire a 100 percent equity stake in EV Holdings for around $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 Holdings stake will be formally transferred to Enersol.
Oil and gas services provider
With corporate headquarters in the United States, EV Holdings 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.
The company provides oil well diagnostics services by utilizing multiple solutions that resolve highly complex wellbore issues across the well lifecycle. EV Holdings offers services using market-leading 360-degree downhole cameras, integrated camera-ultrasound technology, and other tools that generate vivid and visual diagnostic information. This enables the rapid and effective evaluation of technically challenging well issues.
Raising R&D capabilities
By leveraging the EV technology center which runs research and development in the UK, EV Holdings is home to 116 patents and has a successful track record of bringing new and innovative products to market.
Over the next two years, the company aims to introduce a strong pipeline of products with its R&D capabilities. This includes pipeline visualization and software analytics.
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JV’s third acquisition
Notably, EV Holdings is Enersol’s third acquisition and comes following the company’s agreement to acquire 51 percent of NTS Amega (NTS) last week. NTS Amega is a leading global manufacturer of precision equipment and a solutions provider for the energy sector.
Enersol has also agreed to acquire an additional stake, totaling 67.2 percent, in Gordon Technologies, a U.S. provider of measurement while drilling services.
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