Saudi’s Taqa plans to acquire two US oilfield services firms
Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to acquire two companies in the North American oilfield services technology and manufacturing sectors by the end of the year.
The announcement forms part of the company’s 2021 Strategy to become a leading oilfield services and equipment provider, it said in a statement.
Taqa said it has allocated approximately $1.2 billion for new investments and acquisitions over the next 3 years to build-out its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the wider Middle East North Africa region and North America.
The company said it is currently in discussions to acquire two companies in North America this year, a major step in accelerating its 2021 transformation and growth strategy.
Taqa added that it is also reviewing a number of further investment and acquisition opportunities in the wider Middle East region.
The oilfield services and equipment provider already has a substantial portfolio of wholly owned companies, subsidiaries and affiliates that were established in joint ventures with global leaders across several oilfield equipment and services markets.
Azzam Shalabi, CEO of Taqa, said: “Taqa’s planned investments in North America complement our Middle East expansion ambitions and are a key component of our 2021 Strategy which aims to deliver the best, most advanced integrated oilfield services and manufacturing solutions to our clients.
“North America is home to some of the world’s leading oilfield services companies and represents an exciting investment and expansion opportunity for Taqa. We are actively seeking to tap into the latest technology and manufacturing practices in this market, especially in the unconventional resources space, where we see significant growth opportunities.”
Established in 2003, Taqa is a joint stock company owned by the kingdom’s Public Investment Fund, Saudi Arabian joint stock companies and prominent institutional investors.