pipeline-2019a.svg

Search

Categories

TAQA Saudi rig.jpg

Saudi's TAQA to buy two U.S. companies

May 06, 2019
2 min read
Print this page

Saudi Arabia’s Industrialization and Energy Services Company (TAQA) plans to acquire two companies in the North American oilfield services technology and manufacturing sectors by the end of the year.

The announcement forms part of the company’s 2021 Strategy to become a leading oilfield services and equipment (OFSE) provider.

TAQA has allocated approximately US$1.2 billion for new investments and acquisitions over the next 3 years to build-out its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the wider Middle East North Africa region and North America. The company is currently in discussions to acquire two companies in North America this year, a major step in accelerating its 2021 transformation and growth strategy.

These acquisitions would add specific new technologies and manufacturing capabilities to TAQA’s existing integrated OFSE offering.

Commenting on the transaction, Azzam Shalabi, CEO of TAQA, said: “TAQA’s planned investments in North America complement our Middle East expansion ambitions and are a key component of our 2021 Strategy. North America is home to some of the world’s leading oilfield services companies and represents an exciting investment and expansion opportunity for TAQA. We are actively seeking to tap into the latest technology and manufacturing practices in this market, especially in the unconventional resources space, where we see significant growth opportunities. These new offerings and expertise will be brought back to our clients in the Middle East region to ensure they get access to world-class, high quality services.”

RELATED POSTS

dmg events Global Energy Exhibitions & Conferences