A joint venture between Abu Dhabi's Adnoc Drilling and Alpha Dhabi Holding has agreed to increase its stake in US-based oil engineering company Gordon Technologies for $270 million, as part of efforts to boost the UAE's wider energy security ambitions.
The move by Enersol to acquire an additional 42.2 per cent stake, along with its existing 25 per cent, will make the Abu Dhabi company the majority shareholder in Gordon Technologies, a bourse statement on Tuesday said.
About 80 per cent of the payment for the additional stake will be made at the time of closing the deal, while the remaining 20 per cent will be paid over the next two years, subject to certain performance conditions.
The closing of the deal will depend on regulatory approvals and closing adjustments, Adnoc Drilling and Alpha Dhabi Holding said in the statement.
The agreement follows Alpha Dhabi’s transfer of its 25 per cent stake in Gordon to Enersol in January this year.
It marked the first investment by Alpha Dhabi in the JV, which aims to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services sector.
Gordon has completed setting up its operations in Abu Dhabi and intends to begin field operations in the Mena region by the second quarter of 2024.
The company specialises in measurement while drilling (MWD) technology, which helps oil and gas companies collect important data from near the drill bit during drilling operations and sends this data to the surface in real-time, without stopping the drilling process.
“Gordon is debt-free, and its acquisition is economically accretive to Enersol from a profitability, valuation multiple, cash flow generation and dividend potential standpoint, along with a FY2023 free cash flow yield of more than 10 per cent,” the companies said.
Enersol is currently working on plans to acquire and invest in multiple businesses, subject to regulatory approvals.
“A major driver of investment decisions will be the ability of those investments to support the UAE’s wider energy security ambitions, net zero agenda and ongoing economic diversification efforts,” it said.
Last month, Adnoc Drilling was awarded a $1.7 billion contract by parent company Adnoc to provide drilling services for the recovery of unconventional oil and gas resources.
Adnoc Drilling has also set up a company called Turnwell Industries, which will fulfil the contract and explore potential future opportunities in unconventional resources.
Adnoc, responsible for most of the UAE's crude production, is focusing on developing its unconventional reserves to reach an output capacity of five million barrels per day by 2027.
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
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It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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