The company plans to invest over $1.2 billion in new investments and acquisitions over the next three years across the wider MENA region and North America.
Wednesday 08, May 2019 BY KUDAKWASHE MUZORIWA
Saudi Arabia’s Industrialisation 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, as part of the company’s 2021 strategy to become a leading oilfield services and equipment (OFSE) provider.
Azzam Shalabi, CEO of TAQA, said, “We are actively seeking to tap into the latest technology and manufacturing practises in this market, especially in the unconventional resources space, where we see significant growth opportunities.”
TAQA’s drilling subsidiary recently announced the acquisition of Middle East drilling rigs business of Texas-based Schlumberger for $415 Million.
The company stated that the acquisition adds new technologies and manufacturing capabilities to TAQA’s existing integrated OFSE offering.
Additionally, oilfield services and equipment provider is also reviewing a number of further investment and acquisition opportunities in the wider Middle East region, as part of its goal to become a leading regional player.
TAQA plans to bring the latest technology and manufacturing practises in oil services and equipment sector to its clients in the Middle East region to ensure they get access to world-class, high-quality services.