DAMMAM: Investment firm Alturki Holding is shifting the base of a US drilling firm it recently acquired to Dhahran, according to the head of the company.

Speaking to Arab News, Alturki’s CEO Rami Alturki said the move was related to Newsco International Energy Services, which it snapped up in October 2021 for an undisclosed amount.

The comments came on the sideline of the Saudi Aramco hosted In-Kingdom Total Value Add forum, held in Dhahran.

Referring to Newsco, Alturki said: “We are in the process of migrating the company to be based here in Dhahran.”

Alturki also commented on another of his firm’s subsidiaries, Sawafi Borets, which was awarded a contract to create a $50 million facility in King Salman Energy Park, or SPARK, to assemble electrical submersible pumps.

“We're also very involved on the construction side, building facilities for Aramco across the Kingdom,” he added.

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.