Saudi Arabia’s TAQA has struck a deal to buy Al Mansoori Petroleum Services (AMPS) for an undisclosed amount.
TAQA said the deal would see it expand its well services business beyond Saudi into the wider Middle East and North Africa region. It expects to close the deal in the fourth quarter of this year.
“This is a big step for TAQA in its journey to realise the ambitious goals of Saudi Arabia’s Vision 2030,” said company chairman Ahmed Al Zahrani.
AMPS has a variety of services including early production facilities, well testing, H2S monitoring and logging.
TAQA CEO Khalid Nouh said the deal marked a “major milestone in the execution of our strategy. The combined capabilities of both businesses and the potential synergies will create a regional integrated well services business which will grow assertively and sustainably, delivering value to our three stakeholders – shareholders, customers and employees.”
AMPS chairman Abdulla Nasser Al Mansoori said the company had a 45-year track record in the MENA region. “We are happy to see the brand ownership be with a well-established and reputable firm which will continue to operate in the region and beyond.”
TAQA was established in 2003. It has more than 5,500 employees, while AMPS has more than 3,700 in 14 countries.
HSBC Saudi Arabia and White & Case advised TAQA, while Goldman Sachs International and Clyde & Co advised AMPS.
AMPS and TAQA struck a strategic alliance in 2020. This saw AMPS bring its hydraulic fracturing expertise to operations in Saudi.
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