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Saudi well services company TAQA Saudi Arabia and the shareholders of UAE-based Al Mansoori Petroleum Services (AMPS) announced on Thursday that they have entered into a definitive agreement for TAQA to acquire 100 percent of AMPS, expanding TAQA's well services business into the wider Middle East and North Africa (MENA) region.
The transaction is expected to close in the fourth quarter of 2022, subject to obtaining all relevant approvals and satisfying other conditions to closing, TAQA said in a press statement.
The 45-year-old AMPS will bring to TAQA complementary products and services including Early Production Facilities, Well Testing, DST, Slickline, Marine Stimulation Vessels, Multi-Purpose Service Vessels, Inspection Services, H2S Monitoring and Logging & Perforation.
TAQA was advised by HSBC Saudi Arabia and White & Case. AMPS was advised by Goldman Sachs International and Clyde & Co.
(Writing by SA Kader; Editing by Anoop Menon)