Industrialization and Energy Services Company TAQA and the shareholders of Al Mansoori Petroleum Services LLC ("AMPS") have entered into a definitive agreement for TAQA to acquire 100% of AMPS, expanding TAQA’s Well Services business from Saudi Arabia to the wider Middle East and North Africa (“MENA”) region.
The transaction is expected to close in the fourth quarter of 2022, subject to obtaining all relevant approvals and satisfying other conditions to closing.
AMPS 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. AMPS adds complementary products and services to TAQA's portfolio, including Early Production Facilities, Well Testing, DST, Slickline, Marine Stimulation Vessels, Multi-Purpose Service Vessels, Inspection Services, H2S Monitoring and Logging & Perforation. With this transaction, TAQA will expand its geographic footprint into other countries across MENA.
Commenting on the transaction, Eng Ahmed Al Zahrani, Chairman of the Board of TAQA, said, “I would like to thank our shareholders for their trust in TAQA and their commitment to support this major transaction. This is a big step for TAQA in its journey to realise the ambitious goals of Saudi Arabia's Vision 2030.”
Abdulla Nasser Al Mansoori, Chairman of the Board of AMPS, said: "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. We are happy to see the brand ownership be with a well-established and reputable firm which will continue to operate in the region and beyond.”
Khalid M. Nouh, CEO of TAQA, said: “This transaction marks a major milestone in the execution of our strategy. The combined capabilities of both businesses and the potential synergies will create a regional integrated well services business which will grow assertively and sustainably, delivering value to our three stakeholders - shareholders, customers and employees.”
TAQA was advised by HSBC Saudi Arabia and White & Case. AMPS was advised by Goldman Sachs International and Clyde & Co.
