Enersol JV acquires Deep Well Services
The Enersol JV formed by ADNOC Drilling and Alpha Dhabi Holding agreed to acquire a 95% equity stake in Deep Well Services (DWS) for $223 million, including performance-based payments. Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent.
DWS delivers technologies and services within the energy sector. Its Hydraulic Completion Units (HCU) are designed for high-pressure, long lateral, and multi-well completion operations. Its data analytics software BoreSite enhances operational safety and efficiency.
DWS, through Enersol, will play a role in contributing to the development of the UAE’s 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.
