Gordon Technologies LLC Acquires Vertex Downhole Trading LLC, Expanding MWD Global Reach

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Oct 31, 2024, 07:00 ET

SCOTT, La., Oct. 31, 2024 /PRNewswire/ -- Gordon Technologies LLC ("Gordon"), an Enersol company, has acquired Vertex Downhole Trading LLC ("Vertex UAE"), which is the Eastern Hemisphere business of Vertex Downhole Technologies Inc, based in Calgary, Canada. The transaction will accelerate Gordon's global expansion and offerings in the Measurement While Drilling ("MWD") market. As part of the acquisition, Gordon will also obtain the intellectual property rights for Winc, Winc+, and Mudlink technologies.

Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi Holdings, increased its equity stake in Gordon to 67.2% earlier this year, making Enersol the majority shareholder. Gordon, one of the industry's few fully integrated MWD players, has also recently set up operations in Abu Dhabi, its first physical presence outside the US.

Terry Frith, CEO of Gordon, said: "Gordon's acquisition of Vertex less than eight weeks after Enersol's second investment in Gordon demonstrates our commitment to rapidly building Gordon's footprint in the Middle East and as the leading MWD provider in the Eastern Hemisphere."

The acquisition, which will merge the Vertex UAE team with Gordon, enables Gordon to accelerate its market penetration by expanding its premium product offering to Vertex UAE's existing customers across 30 different countries. Upon customer request, Gordon will continue to make Vertex equipment available for purchase.

Jeremy Lorenowicz, President of Vertex UAE, said: "Joining forces with Gordon Technologies represents a significant advancement in our MWD technology offerings. This partnership and Gordons's premium product offering will enhance our technological platform, enabling us to introduce further innovative solutions that provide our customers with enhanced value and efficiency in their operations."

About Enersol

Enersol is a joint venture between ADNOC Drilling (ADX symbol: ADNOCDRILL / ISIN: AEA007301012), the largest drilling and integrated drilling services (IDS) company in the Middle East, and Alpha Dhabi Holding PJSC (ADX: ALPHADHABI), one of the fastest growing Abu Dhabi based investment holding companies. The tech-centric investment platform has $1.5 billion to invest in cutting-edge oilfield services technology companies and their IP.

About Gordon Technologies LLC

Headquartered in Scott, Louisiana with additional US facilities in Midland, TX, Minot, ND, Yukon, OK and Casper, WY, and with an international location in Abu Dhabi, UAE, Gordon is a leading independent provider of MWD technology to the directional drilling sector of the oil and gas industry. The GT-MWD standard temperature system and GT-Heat Miser™ high temperature MWD system, including the patented GT-Shock Miser™ shock and vibration mitigation technology and patented GT-Pulser, were specifically designed to address the most pressing needs in today's challenging drilling environments, namely MWD failures due to high shock and vibration and high temperature environments. The Company's proprietary technology creates a faster, more robust and more reliable MWD system that is achieving outstanding performance and reliability, as evidenced by the Company's market leading position in the US unconventional market.

About Vertex Downhole Trading LLC

Vertex Downhole Trading LLC ("Vertex UAE") is a Dubai based subsidiary of Vertex Downhole Technologies Inc, based in Calgary, Canada ("Vertex Canada"). Vertex Canada will continue to provide their existing product offering of certain downhole components to customers in the Western Hemisphere. Vertex UAE will be the reseller of Vertex Canada products in the Eastern Hemisphere.

Chris Koranek
[email protected]

SOURCE Gordon Technologies LLC