The combined capabilities of TAQA and AMPS and the potential synergies will create a regional integrated well services business, and generate value through economies of scale and operating synergies
The Industrializsation and Energy Services (TAQA), headquartered in Dhahran, Saudi Arabia, announced recently that it has entered into a definitive agreement for TAQA to acquire 100 per cent of Al Mansoori Petroleum Services (AMPS), expanding TAQA's well services business from Saudi Arabia to the wider Middle East and North Africa (Mena) region.
TAQA's strategy is focused on profitable, sustainable growth that would bring the utmost value to its stakeholders, shareholders, customers, and people.
Since the launch of the strategy in 2021, key strategic objectives have been realised through portfolio optimisation actions, expanding TAQA's well services offering through the acquisition of key technology companies, the award of major contracts and expansion globally, and forming strategic alliances with companies that would enable TAQA's energy transition plans
The acquisition of AMPS marks a major milestone in executing TAQA's strategy. This transaction will create value through economies of scale and operating synergies and expand TAQA's geographic footprint into other countries across Mena.
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 TAQA's three stakeholders - shareholders, customers, and employees.
Established in Abu Dhabi in 1977, AMPS brings 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.
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 and perforation.
AMPS has more than 3,700 employees in 14 countries and has a well-invested and maintained fleet and equipment and strong culture and management
The transaction is expected to close in Q4 2022, subject to obtaining all relevant approvals and satisfying other conditions to closing.
Established in Saudi Arabia in 2003, TAQA is a well services company which provides products and solutions to the energy industry, enabling the performance of its customers.
TAQA continues to innovate by developing and deploying technologies, products and services and building long-term customer relationships.
With more than 5,500 employees, TAQA's well services portfolio includes coiled tubing, cementing, wireline, frac, directional drilling, downhole tools, completions, contract drilling and seismic acquisition services.
TAQA will be exhibiting at Stand 6232 at Adipec.