Enersol, joint venture of ADNOC Drilling and Alpha Dhabi, has signed to acquire a 100 percent equity stake in EV Holdings Ltd. (EV), the UK-based private equity firm, for approximately $45 million.
After the approval of regulatory requirements and closing adjustments, EV will be formally acquired by Enersol. EV is a global leader in vision-based diagnostics and analytics services for the oil and gas sector with its corporate headquarter in the US. Including the UAE and Saudi Arabia, the company has a global footprint with a presence in 36 countries.
EV offers well diagnostics services by leveraging various solutions to address highly complex wellbore issues across the well lifecycle. By utilizing market-leading 360 degree downhole cameras, integrated camera-ultrasound technology and other tools, EV’s specialized well diagnostic solutions enable the rapid and effective evaluation of technically challenging well issues.
AIVA by EV is a cloud-based data visualization and storage platform which incorporates AI and machine learning to boost data transmission, storage and analysis. EV has 116 patents and is known for its successful track record for bringing new and innovative products to market. In the next two years, EV plans to build a robust pipeline of products through R&D capabilities, including system visualization and software analytics.
Enersol acquisition of EV will be the Enersol’s third acquisition, following the signing of an agreement with NTS Amega (NTS), a prominent global manufacturer of advanced precision equipment and solutions provider for the energy sector, to acquire 51 percent. The terms of the deal are subject to customary and regulatory approvals.
Enersol also signed to acquire an additional stake, which is a total of 67.2 percent in Golden Technologies, a US-based company that provides innovative technology and service to the oil and gas drilling industry.
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