PHOTO
The UAE-based ADNOC Drilling Company, a subsidiary of Abu Dhabi’s national oil company ADNOC, and Alpha Dubai, a unit of Abu Dhabi’s International Holding Company, have announced the incorporation of a strategic investment joint venture (JV) at the Abu Dhabi Global Market, which will pursue global investments in energy technology.
Alpha Dhabi has contributed its 25% equity stake, valued at $180 million, in the US-based Gordon Technologies, a provider of measurement while drilling (MWD) technology to the oil and gas industry.
The establishment of this JV, and the contribution of Gordon’s 25% share capital, is expected to bring value accretive returns to both shareholders, a statement on Tuesday read.
ADNOC Drilling holds a majority 51% stake in the JV, with the remaining 49% held by Alpha Dhabi, with equal Board representation for both parties. The JV intends to acquire and invest in companies offering tech-enabled oilfield services solutions, subject to the relevant regulatory approvals.
(Writing by Bindu Rai, editing by Brinda Darasha)
