Joint Venture to create dedicated platform targeting global investments in
technology-enabled oilfield and energy service companies
Innovative partnership underpins ADNOC Drilling’s market-leading position as an
integrated drilling services provider, powering its growth and expansion strategy
Partnership highlights Alpha Dhabi’s dedication to diverse and innovative ventures
Strategic collaboration between two leading Abu Dhabi entities with complementary
capabilities to accelerate domestic economic development and diversification
Abu Dhabi, UAE: ADNOC Drilling Company PJSC (“ADNOC Drilling”
or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) and Alpha Dhabi
Holding PJSC (‘’Alpha Dhabi’’) (ADX: ALPHADHABI) have agreed to establish a strategic
investment joint venture (“JV’’) to invest up to $1.5 billion to acquire technology-enabled
companies in the oilfield services (“OFS”) and energy sectors.
ADNOC Drilling will own 51% of the JV with Alpha Dhabi holding 49%, bringing together a
market-leading drilling and OFS expert and a prominent UAE conglomerate with a proven
track-record of fueling business growth in diverse sectors. Lunate Capital Limited will provide asset management support to the JV.
Leveraging ADNOC Drilling’s scalable technology ecosystem, the JV will be jointly controlled
by ADNOC Drilling and Alpha Dhabi, and is empowered to invest in value-accretive
businesses globally across the OFS and energy value chain. This will further develop and
scale up ADNOC Drilling’s integrated drilling and OFS offering and enhance operational
efficiencies.
Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, said: “We are
excited to enter into this strategic partnership with Alpha Dhabi, that will drive further growth
for ADNOC Drilling and its shareholders, enable economic diversification, and support
ongoing decarbonization efforts, benefitting all stakeholders. The JV will invest in innovative
technology, enhancing our services, while adding depth to our offering and further expanding
our business.”
The JV will identify an actionable pipeline of potential transactions that are value-accretive to
both shareholders.
Eng. Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi, commented,
“This joint venture with ADNOC Drilling marks a significant milestone in our commitment to
driving growth and fostering innovation in the energy domain. Pooling our collective expertise,
we are poised to unlock new opportunities, delivering sustainable value to our stakeholders.
Diversification and innovation are critical pillars in today’s dynamic global economy. This
partnership not only underscores our dedication to these principles but also positions us to
significantly boost the UAE’s domestic growth, laying the foundation for sustained national
prosperity.”
About ADNOC Drilling:
ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol “ADNOCDRILL”;
ISIN AEA007301012), is the largest drilling and well completions company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world.
The Company is a critical link in ADNOC’s upstream business, as ADNOC responsibly
accelerates its production capacity targets in light of globally increasing demand for energy
and enables gas self-sufficiency for the UAE. ADNOC Drilling incorporated Integrated Drilling Services into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain.
About Alpha Dhabi Holding:
Alpha Dhabi Holding (ADH), a UAE listed company, was established in 2013 and is one of the fastest growing Abu Dhabi based investment holding companies, with more than 150
businesses spread across healthcare, renewable energy, petrochemicals and other industries such as real estate, construction and hospitality. With over 90,000 employees, ADH is a strategic contributor to the UAE economy and is committed to drive continuous growth for its stakeholders through investments in emerging businesses, supporting innovation and diversity.
