Riyadh, Saudi Arabia— TAQA, also known as the Industrialization and Energy Services Co., which is backed by Saudi Arabia’s Public Investment Fund, will buyout Abu Dhabi’s AlMansoori Petroleum Services (AMPS) for an unknown sum.
The buyout is part of company’s plan to expand TAQA’s Well Services business into the wider Middle East and North Africa region.
AMPS will add complementary products and services to TAQA’s portfolio, including Early Production Facilities, Well Testing, Slickline, Marine Stimulation Vessels, Multi-Purpose Service Vessels and Inspection Services.
“AMPS has a successful track record of 45 years in MENA, which will give TAQA an immediate entry in the region building on AMPS brand and reputation,” Chairman, Abdulla Nasser Al-Mansoori, said.
TAQA was advised by HSBC Saudi Arabia and White & Case, while AMPS was advised by Goldman Sachs International and Clyde & Co.
Saudi Arabia’s PIF owns 45 percent of TAQA, while the remaining 55 percent is owned collectively by joint stock companies and several private and industrial investors.
