A subsidiary of the Saudi sovereign fund signs an agreement to acquire the Emirati “Mansoori”

A subsidiary of the Saudi sovereign fund signs an agreement to acquire the Emirati “Mansoori”
A subsidiary of the Saudi sovereign fund signs an agreement to acquire the Emirati “Mansoori”

Riyadh – Mubasher: The Industrialization and Energy Services Company “TAQA”, one of the Public Investment Fund companies, and the shareholders of Al-Mansoori Petroleum Services Company announced today, Thursday, the conclusion of a final agreement; Through which TAQA will acquire the entire Al Mansouri Petroleum Services Company.

In a statement seen by Mubasher today, TAQA said that this acquisition will enable it to expand its services in the field of well services from the Kingdom of Saudi Arabia to the Middle East and North Africa region.

The company added that the transaction is expected to close in the last quarter of 2022, after obtaining all relevant approvals and fulfilling other conditions related to the transaction.

TAQA indicated that the products and services of Al Mansouri Petroleum Services will enhance TAQA’s portfolio of operations, which includes early production facilities, well testing, productivity testing during drilling, well services by electronic and mechanical wires, marine stimulation carriers, and service carriers. Multi-purpose, testing, monitoring, recording and perforation services for hydrogen sulfide.

She emphasized that this deal will enable TAQA to expand its geographical presence in the Middle East and North Africa region.

Commenting on the agreement, TAQA Chairman of the Board of Directors, Ahmed Al-Zahrani, said that this deal is an important step for TAQA in its journey to achieve its strategic goals, which derive from the ambitious goals of the Saudi Vision 2030.

For his part, TAQA CEO Khalid bin Mohammed Noah said that this transaction represents a milestone in the implementation of the company’s strategy, as the combined capabilities of both companies and potential synergies will create a leading regional well services company.

He was an advisor to TAQA in the deal, HSBC Saudi Arabia and HSBC Case & Whitewhile the advisor of Al-Mansoori Petroleum Services Company, Goldman Sachs International And theCo & Clyde.

Established in the Kingdom of Saudi Arabia in 2003, TAQA is a well services company that provides products and solutions to the energy industry, making it easier for its customers to do their jobs.

Employing more than 5,500 employees, TAQA’s well services portfolio includes coiled tubing, naming, well quality verification services, hydraulic fracturing, directional drilling, downhole tools, completions, drilling and seismic acquisition services.

Established in Abu Dhabi in 1977, Al Mansouri Petroleum Services provides integrated energy services through its leading lines of business, including well testing, coiled tubing and stimulation, testing, hydrogen sulfide safety, directional drilling, logging and perforation.

The company employs more than 3,700 employees in 14 countries, and has strong relationships with its main clients, including the leading national oil companies in the Gulf Cooperation Council countries.

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The article is in Arabic

Tags: subsidiary Saudi sovereign fund signs agreement acquire Emirati Mansoori

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