Saudi’s Taqa plans to acquire two North American oilfield firms
Saudi Arabia’s Industrialization and Energy Services Company (Taqa) announced its plans to acquire two companies in the North American oilfield services technology and manufacturing sectors by the end of 2019.
The announcement was made on May 6, Monday, at the Offshore Technology Conference (OTC) in Texas.
These acquisitions would add specific new technologies and manufacturing capabilities to Taqa’s existing integrated oilfield services and equipment (OFSE) offering.
“Taqa’s planned investments in North America complement our Middle East expansion ambitions and are a key component of our 2021 Strategy which aims to deliver the best, most advanced integrated oilfield services and manufacturing solutions to our clients,” Azzam Shalabi, CEO of Taqa, said.
“These new offerings and expertise will be brought back to our clients in the Middle East region to ensure they get access to high quality services. We look forward to announcing details on these investments and acquisitions in the very near future,” he added.
Taqa has allocated approximately $1.2 billion for new investments and acquisitions over the next three years to build-out its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the wider Middle East and North Africa (MENA) region and North America.
The company is also reviewing a number of further investment and acquisition opportunities in the wider Middle East region, as part of its goal to become a leading regional player.