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Saudi-based Industrialisation and Energy Service Company (TAQA) has completed the acquisition of Al Mansoori Petroleum Services (AMPS), expanding its well services business internationally.
The buyout will help TAQA to expand to the Middle East, North Africa, Central Asia, and Eastern Europe, the company said in a statement.
The acquisition is funded by a capital increase led by TAQA’s existing major shareholders.
In September 2022, TAQA said AMPS would add complementary products and services to TAQA’s portfolio, including early production facilities, well testing, slickline, marine stimulation vessels, multi-purpose service vessels, inspection services, H2S monitoring and logging and perforation.
TAQA was advised by HSBC Saudi Arabia and White & Case, the earlier statement said.
(Writing by D Madhura; Editing by Anoop Menon)