Latest News on Oil & Gas Industry
News By:
Alpha Dhabi Holding brings Gordon Technologies' stake to new venture with ADNOC Drilling
Abu Dhabi heavyweights' alliance will invest in energy-tech entities
Dubai: A new joint venture has got underway between ADNOC Drilling Company and Alpha Dhabi Holding - one of Abu Dhabi's biggest investment companies. The new entity will 'pursue global investments' in energy technology and expand tech-enabled energy services. As the first investment in the JV, Alpha Dhabi contributed its 25 per cent stake in Gordon Technologies, a US-based provider of measurement while drilling technology to the oil and gas industry. (The stake has been valued at around $180 million.) ADNOC Drilling holds 51 per cent in the venture, with both having equal representation on the board of directors. The JV’s financial results will be accounted for by ADNOC Drilling through the equity method starting from Q1-2024 financials.