LONDON: Saudi energy services company TAQA said it would acquire AZR Technologies, a Dhahran-based speciality well company.

The transaction is part of TAQA’s strategy to expand its Oilfield Services capabilities in the Middle East and North Africa region.

It will give the company access to the Kingdom’s SR1 billion-a-year well logging market.

“We decided to further expand the relationship and aggressively invest in AZR to develop a world-class electric wireline company capable of delivering state of the art petrophysical, reservoir, and geological quality data to our customers,” said Jamil Al Naser EVP operations of TAQA.

The acquisition is expected to close in the next six weeks, TAQA said.

Copyright: Arab News © 2020 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.