Alpha Dhabi Holding, a unit of International Holding Company, has acquired a 51 per cent stake in oilfield services provider NTS Amega Global as the Abu Dhabi investment company expands it energy portfolio.
The deal is part of Alpha Dhabi's push to expand its presence globally, it said on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The financial details of transaction were not disclosed.
The move will “not only accelerate our growth but also [help us] to expand and diversify our presence across various markets and regions”, said Hamad Al Ameri, chief executive and managing director of Alpha Dhabi.
UAE-based NTS Group offers manufacturing, repair and rental services in the oil and gas sector globally, including in Saudi Arabia, Houston-Texas, Canada, Guyana, Norway, Singapore, Midland and Lafayette.
Established in 2006, the NTS group was acquired in 2019 by a joint venture between Abu Dhabi's ADQ and Tubacex, an advanced materials and solutions provider.
In 2020, NTS Group bought Amega West Services from Carpenter Technology Corporation.
The Middle East oilfield services market is growing and estimated to rise at a compound annual growth rate of 5.5 per cent between 2022 and 2027, a report by consultancy Research and Markets said.
The market is “likely to grow in the future due to the steadily increasing natural gas demand from the developing economies in the region as well as outside the region, which may result in new production projects in the coming years, and the growth in private participation in the oil and gas industry”, it said.
Globally, the oilfield services market is estimated to reach $346.45 billion by 2027, from $267.82 billion in 2019, Fortune Business Insights said.
Alpha Dhabi has been boosting its presence in the energy sector, and in November, acquired a 25 per cent stake in oil and gas engineering company Gordon Technology for Dh602 million ($164 million).
The latest deal is aimed at supporting NTS’s contracting options, including global framework agreements, local repair and manufacture hubs and stock management programmes.
This will in turn will help reduce costs, improve lead times and increase equipment availability.
“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 decarbonisation, with gas serving as a bridge in this energy transition,” said Jesus Esmoris, chief executive of Tubacex.
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Number of employees: 70
Sector: FinTech, online payment solutions
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From: Baghdad, Iraq
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Date started: July 2020
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Funding to date: Self-funded
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