Abu Dhabi: Enersol, a joint venture between ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC, has announced its agreement to acquire a 95 percent equity stake in Deep Well Services (DWS) for approximately $223 million. The acquisition includes performance-based payments, with the completion of the transaction contingent on necessary regulatory approvals and customary conditions.According to Emirates News Agency, DWS, established in 2008 in the United States, specializes in advanced technologies and services within the energy sector. The company is known for its patented Hydraulic Completion Units (HCU) designed for high-pressure and multi-well completion operations. These units are supported by data analytics software, BoreSite, and globally accredited training programs that enhance operational safety and efficiency. DWS also has a joint venture, AutoSep Technologies, which focuses on automating flowback operations. With a presence in numerous North American basins, DWS's services are utilized by ov er 70 exploration and production companies.Through Enersol, DWS will contribute to the development of the UAE's energy resources, supporting ADNOC Drilling's recent $1.7 billion contract to deliver 144 unconventional wells to ADNOC Group. Enersol aims to leverage DWS's technologies to enhance its operations.For the full year 2023, DWS reported revenue of over $205 million and a strong EBITDA margin, with expected free cash flow exceeding 10%. The acquisition aligns with Enersol's strategy to build a scalable portfolio, enhance market value, and optimize operational efficiencies.This acquisition marks Enersol's fourth, following agreements to acquire EV, a downhole visual analytics company, a 51% stake in NTS Amega, and a 67% stake in Gordon Technologies. These acquisitions are part of Enersol's strategy to expand its next-generation technology portfolio and explore growth opportunities in new markets.
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