Al Mansoori Petroleum Services (AMPS) will be fully acquired by Saudi Arabia’s Industrialization and Energy Services Company (TAQA), as it seeks to increase its presence in the Middle East and North Africa (MENA) area.
The two firms have just signed a definitive agreement for the acquisition, which is expected to close in the fourth quarter of 2022, according to a statement on Thursday.
The deal is still subject to relevant approvals.
It is anticipated that AMPS will expand TAQA’s portfolio because of its established connections with major oil and gas firms in the area. Its goods and services also include, among others, slicklines, well testing services, early production facilities, multipurpose vessels, and marine stimulation vessels.
