Saudi Arabia’s Taqa plans to acquire two North American firms

Taqa has allocated about $1.2bn for new investments and acquisitions in North America and the MENA region

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Saudi Arabia’s Industrialization and Energy Services Company (Taqa) said it plans to acquire two companies in the North American oilfield services technology and manufacturing sectors by the end of 2019.

Taqa has allocated about $1.2bn for new investments and acquisitions in North America and the Middle East and North Africa regions over the next three years, the company said in a statement on Monday.

Last month, Taqa said its drilling subsidiary Arabian Drilling Company agreed to buy Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq and Pakistan for $415m.