HOUSTON – Saudi Arabia’s Industrialization and Energy Services Co. (TAQA) aims to complete the acquisition of two companies in the North American oilfield services technology and manufacturing sectors by year-end.
This will support the company’s 2021 Strategy of becoming a leading oilfield services and equipment provider.
TAQA has allocated around $1.2 billion for new investments and acquisitions over the next three years to build its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the Middle East North Africa region and North America.
Discussions continue with the two companies in North America, which would add specific new technologies and manufacturing capabilities to TAQA’s existing integrated offer.
It currently owns various companies, subsidiaries and affiliates established in joint ventures with oilfield equipment and service suppliers with a focus on contact drilling, oil country tubular goods manufacturing, geophysical mapping.