The Industrialization and Energy Services Company (TAQA) has announced the acquisition of Al Mansoori Petroleum Services Company, enabling it to expand its services in the field of well services from the Kingdom of Saudi Arabia to the Middle East and North Africa (Mena) region.
This acquisition represents a significant milestone in TAQA’s strategy, as it combines the capabilities of both companies to create a leading regional well services company.
Al Mansoori Petroleum Services has a strong track record of service quality and well-established relationships with major oil and gas companies in the Mena region.
Its products and services will also enhance TAQA's portfolio of operations, which includes early production facilities, well testing, throughput testing, mechanical and electronic wire well services, offshore stimulation tankers, multipurpose service tankers, testing services, monitoring, recording and sulfide hydrogen drilling services.
Commenting on this agreement, Ahmed Al-Zahrani, Chairman of TAQA’s Board of Directors, says: “I would like to thank our shareholders for their confidence in TAQA and their commitment to supporting the company’s strategy, as this transaction is an important step for TAQA in its journey to achieve its strategic goals, which It derives from the ambitious goals of Saudi Arabia's Vision 2030.”
On his part, Abdullah Nasser Al Mansoori, Chairman of Al Mansoori Petroleum Services Company, says: “Al Mansouri Petroleum Services has a proven track record of 45 years in the Mena region, in addition to a distinguished brand that will contribute to facilitating the operations of TAQA in the region, a well-established company with Extensive experience in the field of well services.
The transaction is expected to close in Q4 2022.