Adnoc Drilling sets $700mln for new acquisitions
The acquisitions would be carried out through Enersol, a joint venture created last year between ADNOC Drilling and Alpha Dhabi Holding, CEO Abdulrahman Abdulla Al Seiari told the UAE semi-official daily Alittihad on Friday.
He said Enersol has completed four acquisition operations worth nearly $800 million since it was created by the two UAE firms, including the purchase of 95 percent of the shares of the US Deep Well Services Company in March.
'Adnoc Drilling is working to expand the scope of its operations in Abu Dhabi and other regions…we have plans to expand in Kuwait and Oman by bidding for contracts there given the significance of these two markets,' he said.
Al-Seiari revealed the company is targeting to boost its revenues to nearly $5 billion in 2026.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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