UAE’s Alpha Dhabi Holding, a unit of International Holding Company, announced its acquisition plan of a 51 percent stake in oilfield services provider NTS Amega Global as the former seeks to expand its energy portfolio, according to a statement.
Established in 2006, UAE-based NTS Group is offering manufacturing, repair, and rental services in the oil and gas sector globally, and also in Saudi Arabia, Houston-Texas, Canada, Guyana, Norway, Singapore, Midland, and Lafayette.
The NTS group was acquired in 2019 by a joint venture between Abu Dhabi’s ADQ and Tubacex, an advanced materials and solutions provider.
Alpha Dhabi has been boosting its existence in the energy sector. In November, it acquired a 25 percent stake in oil and gas engineering company Gordon Technology for US$164 million.
The latest deal will help in turn reduce costs, improve lead times, and increase equipment availability.
NTS Group bought Amega West Services from Carpenter Technology Corporation in 2020.
“With the backing of Alpha Dhabi, we stand at the threshold of not only setting new benchmarks in the industry but also driving pivotal transitions towards decarbonization, with gas serving as a bridge in this energy transition,” said Jesus Esmoris, chief executive of Tubacex.
According to a report by consultancy Research and Markets, the Middle East oilfield services market is growing and is estimated to rise at a compound annual growth rate of 5.5 % between 2022 and 2027.
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