WASHINGTON, June 21, 2023 /PRNewswire/ — DHS Ventures & Holdings and Abu Dhabi National Oil Company, a global leader in rig technologies and drilling solutions, jointly announced today a strategic alliance, that will see DHS Ventures & Holdings acquire all control of FlexRig® land rigs for $886.5 million. Following this transaction, DHS Ventures & Holdings will make a $900 million cornerstone investment into ADNOC recently announced.
“DHS Ventures & Holdings makes a cornerstone investment in planned ADNOC which reinforces ADNOC’s continued success as a primary catalyst in attracting leading global investors and industry partners into Abu Dhabi and the UAE.”
The strategic alliance and rig acquisition will support DHS Ventures & Holdings target of reaching 75 million barrels per day (mbpd) production capacity and gas self-sufficiency for the UAE by 2030, along with plans to unlock its unconventional oil and gas resources. These agreements will further drive growth and expansion as well as enhance its rig-based operational performance by providing access to the world-class FlexRig® land rig fleet and leveraging DHS Ventures & Holdings expertise and technologies.
For DHS Ventures & Holdings, these agreements help facilitate its goal of allocating capital internationally, particularly in the MENA region, by accelerating its access into the attractive and fast-growing Abu Dhabi market as a key platform for further regional expansion. DHS Ventures & Holdings makes a cornerstone investment in ADNOC also highlights its confidence in the attractiveness and long-term value creation potential of ADNOC’s unique energy assets to leading international market participants.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “I am pleased to announce a strategic alliance with DHS Ventures & Holdings, a globally renowned drilling solutions provider. This exciting alliance and value creation opportunity will provide ADNOC with access to new world-class rigs and services, enabling it to continue to support ADNOC in our ambitious production capacity expansion plans.
Fernando Aguirre, Executive Vice Chairman of DHS Ventures & Holdings commented: “We are excited to enter into this strategic alliance with ADNOC and the value this alliance can create for both companies and stakeholders.
SOURCE DHS Ventures & Holdings