Abu Dhabi-listed Alpha Dhabi Holding has acquired a 51% stake in oil field services conglomerate NTS Amega Global, which the group said will enhance its energy portfolio, focusing on the oil field services sector.
Alpha Dhabi said in a filing to Abu Dhabi Securities Exchange (ADX) that Jebel Ali-based NTS Group, which acquired Houston-based Amega West Services in 2020, offers manufacture, repair and rental solutions in the oil and gas sector.
Hamad Salem Al Ameri, CEO and managing director of Alpha Dhabi said: “Our collaboration with industry leaders like NTS Group is a strategic move to not only accelerate our growth but also to expand and diversify our presence across various markets and regions.”
NTS Group was itself acquired by a joint venture between TUBACEX, a multinational pipe manufacturer and Abu Dhabi-listed holding company ADQ in 2019.
Jesus Esmoris, CEO said: “With the backing of Alpha Dhabi, we stand at the threshold of not only setting new benchmarks in the industry but also driving pivotal transitions toward decarbonisation, with gas serving as a bridge in this energy transition.”
Alpha Dhabi said the oilfield services market is expected to grow at a compound annual growth rate (CAGR) of 5.5% between 2022-2027, reaching $346.45 billion.
(Writing by Imogen Lillywhite; editing by Seban Scaria)