Industrialization and Energy Services Company TAQA is looking for expanding its Well Services business beyond Saudi Arabia to the middle east and North Africa region. Keeping this in scope, the company has moved into a definitive agreement with Al Mansoori Petroleum Services (AMPS) for the acquisition of AMPS.
Importance of AMPS
Acquisition of AMPS provides TAQA with strong MENA-based business. This acquisition will help in the execution of the TAQA strategy for expansion. Al Mansoori Petroleum Services (AMPS) has worked for 45 years in MENA which will help TAQA to expand its business in the region. AMPS has a track record of longstanding relationships with large Oil & Gas companies in the region. TAQA is going to get its geographic footprint into other countries across MENA.
TAQA’s portfolio will also be able to add complementary products and services of AMPS to its business. The assets of AMPS include Early Production Facilities, Well Testing, DST, Slickline, Marine Stimulation Vessels, Multi-Purpose Service Vessels, Inspection Services, H2S Monitoring, and Logging & Perforation.
Statements of TAQA Chairman
Eng Ahmed Al Zahrani, Chairman of the Board of TAQA said, “I would like to thank our shareholders for their trust in TAQA and their commitment to support this major transaction. This is a big step for TAQA in its journey to realize the ambitious goals of Saudi Arabia’s Vision 2030.”
Statement of AMPS Board Chairman
Chairman of the Board of AMPS Abdulla Nasser Al Mansoori said, “AMPS has a successful track record of 45 years in MENA, which will give TAQA an immediate entry in the region building on AMPS brand and reputation. We are happy to see the brand ownership be with a well-established and reputable firm that will continue to operate in the region and beyond.”
Advising Players in the Agreement
HSBC Saudi Arabia and White & Case performed as an advisor for TAQA. On the other hand, Goldman Sachs International and Clyde & Co. worked as an advisors for AMPS throughout this transaction.
The agreement will be completed in the fourth quarter of the financial year 2022 subject to required approvals and other mandatory measures.