Enersol has agreed to acquire a 95% equity stake in Deep Well Services (DWS), a technology-enabled energy services company, for approximately $223m.
The consideration is inclusive of performance-based payments.
Enersol is a joint venture (JV) between ADNOC Drilling and Alpha Dhabi.
Founded in the US in 2008, Deep Well Services provides a range of specialised technologies and services in the energy sector. Its patented Hydraulic Completion Units (HCU) are used for high-pressure, long lateral, and multi-well completion operations.
The company’s operations are supported by its BoreSite data analytics software and training and development programmes, which are globally accredited and enhance safety and operational efficiency.
Additionally, Deep Well Services has established AutoSep Technologies, a joint venture focused on automating flowback operations. The company operates in multiple basins across North America, serving over 70 exploration and production (E&P) firms, including both small private operators and large-cap national energy companies.
Through Enersol, Deep Well Services will contribute to the development of conventional and unconventional energy resources in the UAE. Deep Well Services’ revenue for the full year 2023 surpassed $205m.
Enersol’s portfolio will support the fulfilment of ADNOC Drilling’s recent $1.7bn contract from the ADNOC Group to drill 144 unconventional wells by employing the suite of technologies.
The acquisition of Deep Well Services marks a further step in expanding Enersol’s next-generation technology portfolio. This move is expected to provide the joint venture with an opportunity for growth in untapped markets and support long-term value creation.
Completion of the acquisition remains subject to regulatory approvals and customary conditions.
This transaction is Enersol’s fourth acquisition, following previous agreements to acquire downhole visual analytics company EV. Enersol also acquired a 51% ownership in NTS Amega, which manufactures precision equipment for the energy industry.
Additionally, it secured a 67% stake in Gordon Technologies, which is engaged in providing measurement while drilling (MWD) technology to the directional drilling sector of the American oil and gas industry.
