The deal’s completion is pending regulatory approval. Credit: LiteHeavy via Shutterstock.

Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi, has agreed to acquire a 51% stake in NTS AMEGA for $58m.  

The transaction, which excludes transaction fees, expenses, and completion adjustments, positions Enersol as the majority equity holder of NTS. 

Alpha Dhabi acquired a 51% equity stake in NTS in October 2023, which Enersol has agreed to purchase at the same valuation. 

Headquartered in the United Arab Emirates, NTS specialises in offering advanced manufacturing, intricate tool repair, and rental services for the oil and gas (O&G) industry. 

It operates support hubs in the US, Canada, Saudi Arabia, Singapore, and Norway.  

The company’s offerings are used for improving efficiency and reducing costs in the drilling industry, with a focus on high-tolerance manufacturing and specialised repair processes that extend the life of drilling accessories. 

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This encompasses the precision manufacturing of complex rotary steerable heads, measuring and logging collars, carriers and accessories, drilling tools, as well as components for topside, subsea, and processing systems. 

In fiscal year 2023, NTS reported revenues exceeding $120m and a free cash flow yield of more than 10%.  

ADNOC Drilling said this financial performance suggests a promising value proposition for Enersol’s shareholders, with NTS’ profitability, valuation multiples, and strong cash flow generation. 

The completion of the deal is pending regulatory approvals and closing adjustments. 

This acquisition is Enersol’s second major deal, following its agreement to acquire a 67.2% controlling stake in Gordon Technologies, a US-based company specialising in measurement while drilling technology.  

Gordon is preparing to expand its operations to the Middle East and North Africa region by the second quarter of 2024.