The Industrialization and Energy Service Company (TAQA) announced today the closure of its 100% acquisition of Al Mansoori Petroleum Services, expanding TAQA’s Well Solutions business internationally.
In September 2022, TAQA said Al Mansoori would add complementary products and services to TAQA’s portfolio, including early production facilities, well testing, slickline, marine stimulation vessels, multi-purpose service vessels, inspection services, H2S monitoring and logging and perforation.
The acquisition is funded by a capital increase led by TAQA’s existing major shareholders. 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.
“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.
