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Saudi Arabia's Industrialization and Energy Services Company (TAQA) is set to acquire 100% of Al Mansoori Petroleum Services (AMPS), as it looks to expand its footprint in the Middle East and North Africa (MENA) region.
The two firms have just signed a definitive agreement for the acquisition, which is expected to close in the fourth quarter of 2022, according to a statement on Thursday.
The deal is still subject to relevant approvals.
AMPS, which has longstanding relationships with large oil and gas companies in the region, is expected to boost TAQA's portfolio. Its products and services include marine stimulation vessels, multi-purpose vessels, early production facilities, slickline and well testing services, among others.
(Writing by Cleofe Maceda; editing by Seban Scaria)
