ADNOC Drilling Company PJSC (“ADNOC Drilling”) and Alpha Dhabi Holding PJSC (‘’Alpha Dhabi’’)  have agreed to establish a strategic investment joint venture (“JV’’) to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services (“OFS”) and energy sectors.

ADNOC Drilling will own 51% of the JV with Alpha Dhabi holding 49%, bringing together a market-leading drilling and OFS expert and a prominent UAE conglomerate with a proven track-record of fueling business growth in diverse sectors. Lunate Capital Limited will provide asset management support to the JV.

Leveraging ADNOC Drilling’s scalable technology ecosystem, the JV will be jointly controlled by ADNOC Drilling and Alpha Dhabi, and is empowered to invest in value-accretive businesses globally across the OFS and energy value chain. This will further develop and scale up ADNOC Drilling’s integrated drilling and OFS offering and enhance operational efficiencies.

The JV will identify an actionable pipeline of potential transactions that are value-accretive to both shareholders.