ADNOC Drilling and Alpha Dhabi to form $1.5bn tech-focused energy JV

ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC have agreed to establish a strategic investment joint venture, planning to invest up to $1.5 billion in technology-enabled companies in the oilfield services (OFS) and energy sectors. This partnership brings together a leading drilling and OFS expert with a major UAE conglomerate.

Joint Venture Ownership and Support Structure

ADNOC Drilling will own a majority 51% stake in the JV, while Alpha Dhabi will hold 49%. Additionally, Lunate Capital Limited will provide asset management support, combining expertise and resources for optimal operational outcomes.

Strategic Focus on Technological Advancements

The JV will leverage ADNOC Drilling’s scalable technology ecosystem, targeting global investments in the OFS and energy value chain. This move is set to develop and scale up ADNOC Drilling’s integrated drilling services and enhance operational efficiencies.

Strategic Joint Venture Between ADNOC Drilling and Alpha Dhabi Targets Energy Sector Innovation

CEO Statements on the Joint Venture

Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, expressed excitement about the partnership with Alpha Dhabi. He emphasized the JV’s role in driving growth, supporting economic diversification, and aiding decarbonization efforts. Eng. Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi, echoed these sentiments, highlighting the venture’s potential to unlock new opportunities and foster innovation in the energy sector.

Goals and Prospects of the New Partnership

The JV aims to identify a pipeline of transactions that add value to both shareholders. This partnership is poised to significantly boost the UAE’s domestic growth and lay the foundation for sustained national prosperity.

The establishment of a joint venture between ADNOC Drilling and Alpha Dhabi Holding marks a significant step in the advancement of technology and innovation within the UAE’s energy sector.