Adnoc Drilling and Alpha Dhabi Holding's Joint Venture Targets Oilfield Services and Energy Innovation
Abu Dhabi National Oil Company (Adnoc) subsidiary, Adnoc Drilling, and Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, have joined forces to establish a groundbreaking joint venture.
With an ambitious investment target of up to $1.5 billion, the partnership is poised to acquire technology-enabled companies operating in the oilfield services and energy innovation sectors.
In this strategic collaboration, Adnoc Drilling assumes a majority stake of 51%, while Alpha Dhabi Holding holds the remaining share.
Lunate Capital Limited, a licensed and regulated entity under the Abu Dhabi Global Market Financial Services Regulatory Authority, will provide crucial asset management support to the joint venture.
The newly formed entity has a global focus, aiming to invest in businesses that add significant value across the oilfield services and energy value chain.
The emphasis lies on innovative technologies that enhance services, deepen the offering, and contribute to overall business expansion, as stated by Abdulrahman Al Seiari, the CEO of Adnoc Drilling.
Vision for Oilfield Services and Energy Innovation Worldwide
Adnoc Drilling, targeting a fleet expansion to 142 rigs by the end of the upcoming year, is actively seeking to extend its operational footprint beyond Abu Dhabi, eyeing entry into markets such as Saudi Arabia, Kuwait, and Oman, according to Mr. Al Seiari's statement to The National in August.
"We are pooling our collective expertise to unlock new opportunities and deliver sustainable value to our stakeholders," commented Hamad Al Ameri, the Managing Director and Group CEO of Alpha Dhabi.
He emphasized the critical importance of diversification and innovation in today's dynamic global economy, highlighting the partnership's role in boosting the UAE's domestic growth and fostering sustained national prosperity.
Alpha Dhabi, formerly known as Trojan Holding, has rapidly evolved into a regional conglomerate with diverse interests in construction, healthcare, hospitality, and industry.
The company reported a remarkable 93% surge in third-half profit, reaching Dh877.66 million ($238.95 million), fueled by increased revenue amid a wave of strategic investments and acquisitions.
The impressive 8.1% annual jump in revenue for the quarter ended in September, totaling Dh10.27 billion, underscores the success of Alpha Dhabi's growth strategy.
Alkesh Sharma / The National