Gordon specialises in measurement while drilling (MWD) technology for the oil and gas industry. Credit: KoSSSmoSSS/Shutterstock.

Enersol, a joint venture (JV) between ADNOC Drilling and Alpha Dhabi, has agreed to acquire an additional 42.206% equity stake in Gordon Technologies.  

This $270m transaction will increase Enersol’s total equity stake in Gordon to 67.2%, making it the majority shareholder.  

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The valuation is consistent with the initial 25% stake purchase in January 2024. 

The majority of the consideration for the additional stake, around 80%, will be funded upon the deal’s closing.  

The remaining payment is due within the next two years, contingent on Gordon meeting certain performance benchmarks.  

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Gordon, which is based in the US, specialises in MWD technology for the oil and gas industry. 

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MWD technology allows for the measurement of drilling parameters and transmits data to the surface without disrupting drilling operations.  

Gordon is preparing to commence field operations in the Middle East and North Africa (MENA) region in the second quarter of 2024, having established its Abu Dhabi business. 

With one of the largest modern MWD system fleets, Gordon is said to be a key MWD provider.  

Its technology facilitates enhanced performance and reliability in drilling operations across various environments.  

ADNOC Drilling highlighted that Gordon is debt-free and that its acquisition is financially beneficial to Enersol.  

It is expected to contribute positively to profitability, valuation multiples, cash flow generation and dividend potential, with a free cash flow yield exceeding 10% for the fiscal year 2023.  

The completion of this transaction is subject to receipt of customary regulatory approvals and closing adjustments.