PIF’s TAQA signs agreement to buy Al Mansoori Petroleum Services

02/09/2022 Argaam

Logo of Industrialization and Energy Services Co. (TAQA)

Industrialization and Energy Services Co. (TAQA), an affiliate of the Public Investment Fund (PIF), signed a definitive agreement with the shareholders of UAE-based Al Mansoori Petroleum Services (AMPS) to fully acquire the latter.

 

The acquisition will help TAQA expand its well services business into the wider Middle East and North Africa (MENA) region, TAQA said in a statement.

 

The deal closure is expected in the fourth quarter of 2022, subject to obtaining all relevant approvals and satisfying other conditions to closing.

 

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 founded in 2003 as a closed joint stock company, in which the PIF holds the largest stake. The remaining interest is held by publicly-listed companies and other Saudi partners.

 

For More Mergers and Acquisitions

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