The Industrialization and Energy Service Company (TAQA) announced the closure of its 100 percent acquisition of al-Mansoori Petroleum Services, expanding TAQA Well Solutions business internationally.
The acquisition is funded by a capital increase led by TAQA's existing significant shareholders.
The investment brings to TAQA a long-established, well-diversified MENA-based business with a track record of solid performance and longstanding relationships with large Oil & Gas companies in the region.
The combined businesses employ over 5,500 employees, serving a broad and diverse customer base across 20 countries, creating a regional and global integrated Well Solutions business headquartered in Dhahran, Saudi Arabia.
TAQA's Chairman of the Board, Ahmed al-Zahrani, thanked TAQA Shareholders for their trust in TAQA and their commitment to support TAQA's growth journey and progressive plans aligned with Vision 2030.
CEO of TAQA Khalid Nouh asserted that the company is better positioned to continue its journey into profitable growth through the unique opportunity to build upon its combined portfolio, strong business acumen, recognized brand, and quality products and services.
Nouh stated that the focus remains to provide exceptional products and services to the customers while creating the highest value for the shareholders and people.
Established in Saudi Arabia in 2003, TAQA is a Well Solutions company that provides products and services to the energy industry, enabling the performance of its customers.
According to information released, TAQA will continue developing new technologies and solutions that deliver returns and create value for our customers and people.
Last year, TAQA concluded a definitive agreement to acquire Mansoori fully, expanding its Well Services business from Saudi Arabia to the broader Middle East and North Africa region.
Mansoori added complementary products and services to TAQA's portfolio, including early production facilities, well testing, drill stem testing, slickline, marine stimulation vessels, multi-purpose service vessels, inspection services, hydrogen sulfide monitoring and logging, and perforation.
