MEOG: Enersol adds to Gordon Tech stake

A joint venture between the drilling arm of Abu Dhabi National Oil Co. (ADNOC) and Alpha Dhabi Holding, is poised to become the majority stakeholder in Gordon Technologies.

Enersol is acquiring a 42.21% equity stake in Gordon for around $270mn, following its initial 25% stake purchase in January, giving a total shareholding of 67.21%, post transaction.

Gordon Technologies specialises in measurement while drilling (MWD) technology, which measures crucial information near the drill bit and transmits data to the surface without halting drilling operations. This technology is vital for improving drilling efficiency and performance.