UAE-based oil and gas service provider Topaz has been bought by Interserve in a £30million deal.
Topaz, which operates fabrication space in Abu Dhabi and Fujairah, provides oil field maintentance and construction in the Middle East to ADNOC, Shell, RAK Petroleum and Aker among other clients.
“Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE,” said Interserve chief executive Adrian Ringrose.
“It also complements other acquisitions we have made, such as TOCO of Oman and Madina in Qatar, enabling us to serve clients over a wider geographic footprint.”
The move, which Interserve says expects to be accretive to earnings per share within the first full year, will strengthen the company’s footbold in the Middle East oil market.
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