Industrialisation and Energy Services Company TAQA is set to acquire 100 percent of Al Mansoori Petroleum Services LLC (AMPS), the former announced on Thursday in a statement.
The acquisition will enable TAQA’s Well Services business expand from Saudi Arabia across the 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.
TAQA was advised by HSBC Saudi Arabia and White & Case whereas AMPS was advised by Goldman Sachs International and Clyde & Co.
“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 chief executive officer Khalid M. Nouh said.
TAQA’s chairman of the board Eng Ahmed Al Zahrani added this step is “big” for the company as it aligns with the Kingdom’s 2030 vision.
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 and Gas companies in the region, the statement 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,” AMPS chairman of the board Abdulla Nasser Al Mansoori said.
AMPS’ products and services include Early Production Facilities, Well Testing, DST, Slickline, Marine Stimulation Vessels, Multi-Purpose Service Vessels, Inspection Services, H2S Monitoring and Logging and Perforation.
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