TAQA closes the transaction of acquiring 100% of Al Mansoori Petroleum Services to expand to the Middle East, North Africa, Central Asia, and Eastern Europe

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DHAHRAN, Saudi Arabia, Jan. 31, 2023 /PRNewswire/ -- The Industrialization and Energy Service Company ("TAQA") announced today the closure of its 100% acquisition of Al Mansoori Petroleum Services ("AMPS"), expanding TAQA's Well Solutions business internationally.

The acquisition is funded by a capital increase led by TAQA's existing major shareholders. This investment brings to TAQA a long-established, well-diversified MENA-based business with a track record of strong performance and longstanding relationships with large Oil & Gas companies in the region. The combined businesses employ over 5,500 employees, serving a wide and diverse customer base across 20 countries, creating a regional and global integrated Well Solutions business headquartered in Dhahran, Saudi Arabia.

"I would like to thank TAQA Shareholders for their trust in TAQA and their commitment to support TAQA's growth journey and progressive plans that are aligned with the Kingdom's Vision 2030. The capital increase will position TAQA as an international company operating across multiple geographies, a true Saudi national champion", said Engineer Ahmed Al Zahrani, TAQA's Chairman of the Board.

Khalid M. Nouh, CEO of TAQA, said: "Together, we are better positioned to continue our journey into profitable growth through the unique opportunity to build upon our combined portfolio, strong business acumen, recognized brand and quality products and services. Our focus remains to provide exceptional products and services to our customers while creating the highest value for our shareholders and people".

About TAQA

Established in Saudi Arabia in 2003, TAQA is a Well Solutions company that provides products and services to the energy industry, enabling the performance of its customers. TAQA continues to innovate by developing and deploying technologies, products and services and building long-term customer relationships. With more than 5,500 employees across 20 countries, TAQA's well services portfolio includes, Coiled Tubing & Stimulation, Cementing, Wireline, Frac, Directional Drilling, Downhole Tools, Completions, Well Testing, Slickline, Inspection, H2S Safety, and Logging & Perforating.

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Photo - https://mma.prnewswire.com/media/1992151/TAQA.jpg
Photo - https://mma.prnewswire.com/media/1992152/TAQA.jpg

SOURCE The Industation and Energy Services TAQA