Alpha Dhabi and ADNOC Drilling to form a joint venture.

Alpha Dhabi, a business conglomerate, and ADNOC Drilling, a manufacturing company that designs and manufactures machinery used for extracting oil and gas, agreed to form a joint venture to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services and energy sectors. “We are excited to enter into this strategic partnership with Alpha Dhabi, that will drive further growth for ADNOC Drilling and its shareholders, enable economic diversification, and support ongoing decarbonization efforts, benefitting all stakeholders. The JV will invest in innovative technology, enhancing our services, while adding depth to our offering and further expanding our business,” Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO.