The Saudi Arabia-based Industrialization and Energy Service Company (TAQA) has completed its 100 percent acquisition of Al Mansoori Petroleum Services (AMPS), expanding TAQA’s Well Solutions business internationally.
The acquisition is funded by a capital increase led by TAQA’s existing major shareholders. This investment brings to TAQA a long-established, well-diversified MENA-based business with a track record of strong performance and longstanding relationships with large Oil & Gas companies in the region.
The combined businesses employ over 5,500 employees, serving a wide and diverse customer base across 20 countries, creating a regional and global integrated Well Solutions business headquartered in Dhahran, Saudi Arabia.
Ahmed Al Zahrani Chairman – TAQA
“I would like to thank TAQA Shareholders for their trust in TAQA and their commitment to support TAQA’s growth journey and progressive plans that are aligned with the Kingdom’s Vision 2030. The capital increase will position TAQA as an international company operating across multiple geographies, a true Saudi national champion.”
Mr. Khalid M. Nouh, CEO of TAQA, said that “Together, we are better positioned to continue our journey into profitable growth through the unique opportunity to build upon our combined portfolio, strong business acumen, recognized brand and quality products and services. Our focus remains to provide exceptional products and services to our customers while creating the highest value for our shareholders and people.”
TAQA continues to innovate by developing and deploying technologies, products and services and building long-term customer relationships. TAQA’s well services portfolio includes, Coiled Tubing & Stimulation, Cementing, Wireline, Frac, Directional Drilling, Downhole Tools, Completions, Well Testing, Slickline, Inspection, H2S Safety, and Logging & Perforating.
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