Enersol, an Adnoc Drilling and Alpha Dhabi Holding joint venture, has agreed to acquire a 100 per cent equity stake in EV Holdings (EV) for about $45 million from UK-based private equity firm, Dunedin.

With corporate headquarters in the US, EV is a leading global provider of vision-based diagnostics and analytics services for the oil and gas sector. The company has a global footprint with a presence in 36 countries, including the UAE and Saudi Arabia.

EV provides well diagnostics services by leveraging a range of solutions that resolve highly complex wellbore issues across the well lifecycle.

In FY2024 EV has delivered strong financial performance, with revenue over $30 million, supported by a significant contribution from the Mena region.

It also delivered a robust EBITDA margin, and is expected to yield free cash flow of more than 10 per cent going forward.

The acquisition serves as a milestone in building Enersol’s next-generation technology ecosystem.