Alturki Holding oil arm, the Saudi Sawafi company, has bought out Newsco, the US drilling services company, for an undisclosed sum of money.
Newsco is one of the most important directional drilling companies in the petroleum industry in the world, Sawafi said in a statement, without disclosing the value of the deal.
Sawafi, the global leader in upstream technologies, will now control about 9 patents in directional drilling, and Sawafi Newsco will operate and support 25 projects at full capacity at one time using technology that allows it to expand drilling services wherever needed.
The acquisition deal comes within the framework of Saudi companies’ interest in localizing directional drilling techniques, and to benefit from US innovations in this context.
Sawafi Newsco expects to steadily increase the number of patents through its research and development department, the statement said.
Alturki Holding plans further acquisitions to localize technology in line with the Vision 2030 to attract investment, in addition to Sawafi’s early efforts to contribute to a value-added program launched by Saudi Aramco in 2015, CEO Rami Alturki said.
