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Abu Dhabi’s Enersol charts acquisitions path

26 February 2026

 

With about half of its $1.5bn seed capital still available to deploy, Abu Dhabi- based oil and gas drilling services firm Enersol is firmly on a growth trajectory driven by acquisitions. Since its establishment in November 2023 as a 51:49 joint venture of Adnoc Drilling – a subsidiary of Abu Dhabi National Oil Company (Adnoc Group) – and holding company Alpha Dhabi, Enersol has pursued inorganic growth as its core expansion strategy.

Having completed four key acquisitions to date, Enersol is now targeting opportunities that will not only expand its portfolio but also enhance the value of its offerings to customers, says the company’s CEO, Dean Watson.

“The unifying theme that we want to focus on is around the production side of what we call the well lifecycle. Why is that important? For investors it is super important because that’s where we get to the opex [operating expenditure] side, moving away from capex [capital expenditure], achieving completions and recurring revenues. So, with the potential target acquisitions, that’s where we’re focused on,” Watson explains.

“We think that they [future acquisitions] are going to unify and anchor our current portfolio,” he tells MEED in an interview.

“We have a lot of dry powder to spend. We have identified targets that we want to go after. We are pursuing a few targets,” Watson says, without revealing details. “With the targets we are after, we want to make sure that they’ve got a presence here in the UAE and Mena. We’re also looking for a global footprint.”

Completed acquisitions 

Enersol became the majority shareholder in US oil and gas drilling firm Gordon Technologies in 2024, acquiring a 67.2% stake through two transactions with a combined value of $387m. 

Louisiana-based Gordon Technologies provides measurement while drilling (MWD) technology. MWD technology captures critical data near the drill bit and transmits it to the surface in real time without interrupting normal drilling operations.

“Gordon Technologies are number one in North America, by a long way, in terms of market share percentage. It’s quite amazing how big that difference is in terms of how much they dominate [in] North America,” Watson says about the rationale behind Enersol acquiring the majority stake.

Enersol then initiated a $58m transaction in July 2024 to acquire a 51% majority stake in UAE-based oil and gas services provider NTS Amega from Alpha Dhabi.

“NTS Amega is a manufacturing business with a rental component,” Watson explains. “It manufactures a product and rents out a portion of it.  What excites us about NTS Amega is its potential to serve as our manufacturing backbone, helping to strengthen and promote our in-country value, as it is based and originated in the UAE.”

In August of the same year, Enersol started a transaction to fully acquire US-headquartered EV Holdings Limited, paying $45m to UK-based private equity firm Dunedin for 100% of the company’s shares.

EV Holdings has a significant technology portfolio, with more than 100 pieces of intellectual property, primarily patents. It is a highly technical company that generates vast amounts of data, Watson explains.

Aligned with Enersol’s focus on technology leadership, EV is the number one provider of downhole camera technology in oil field services. It therefore meets what Watson calls “the key investment criteria we are looking for”.

In November 2024, Enersol entered into a $223m deal to acquire a 95% equity stake in US-based Deep Well Services (DWS). 

The acquisition, which was completed in the first quarter of 2025, gives Enersol access to DWS’s hydraulic completion units, complemented by its data analytics software, BoreSite, as well as accredited training programmes designed to enhance operational safety and efficiency.

We have a lot of dry powder to spend. We have identified targets that we want to go after. We are pursuing a few targets
Dean Watson, Enersol

Securing contracts

Enersol is seeking to leverage the suite of capabilities and technologies it has acquired to secure oil field services contracts in the UAE and the wider regional market, Watson says.

“We’re very excited about being part of the Adnoc ecosystem. Gordon Technologies, through Turnwell, has just completed its first batch of wells and is currently working on the Turnwell project,” the Enersol CEO says, adding: “Gordon is the MWD provider on that project.”

Adnoc Drilling signed a term sheet in 2024 to enter into a partnership with the Middle East arm of US oil field services provider SLB and US firm Patterson-UTI International Holdings to form a new company called Turnwell Industries.

In May of that year, Adnoc Drilling was awarded a major contract, worth about $1.7bn, by its parent Adnoc Group, to provide drilling and associated services for the recovery of unconventional oil and gas resources. Work on this contract is being executed by Turnwell. The broad scope of work on the contract covers drilling and appraisal of 144 unconventional oil and gas wells.

Separately, DWS won its first contract from Malaysia’s state energy company Petronas last November for deploying its hydraulic completion units and BoreSite systems to support a 12-well unconventional programme in Abu Dhabi.

Watson is optimistic about Enersol securing additional work in Abu Dhabi from Adnoc Drilling. Beyond its home market, the company is “in active discussions and negotiations with our Saudi joint-venture partner on a major scope of work with Saudi Aramco,” he says.

Enersol’s growing portfolio and its push to secure contracts across the region also place the company in competition with established oil field services majors. On that subject, Watson concludes: “I believe our offering is unique and does not necessarily compete directly with companies such as SLB or Weatherford. 

“We will identify a niche that fits between the major players and deliver parallel value through our differentiated offering.” 

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Indrajit Sen

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