Page 8 - MEOG Week 08 2022

MEOG FINANCE & INVESTMENT MEOG

Saudi’s TAQA acquires Tendeka

SAUDI ARABIA SAUDI Arabia’s Industrialisation & Energy to facilitate NOC plans for the development of
Services Co. (TAQA) said this week that it had unconventional resources, offering Saudi Ara-
acquired UK-based engineering and manufac- bia’s Jafurah, South Ghawar and Turaif and Abu
turing company Tendeka. Dhabi’s Ruwais Diyab as examples.
Making the announcement during the Inter- On February 22, the day following the Ten-
national Petroleum Technology Conference deka announcement, TAQA reported that
(IPTC) in Riyadh, Taqa chairman Ahmed Mousa its TAQA Well Services subsidiary had been
Al-Zahrani said: “We continue to realise TAQA’s awarded a SAR1bn ($270mn) mega integrated
2021 strategy to expand [its] well services offer- fracturing contract which may last up to five
ing and become a leading international services years.
and equipment provider.” While the company did not disclose details
Al- Zahrani added: “The acquisition of Ten- about the client nor location, it is likely that that
deka will complete our portfolio and fill the the work will be carried out on Jafurah for Saudi
well completions gap we had. Tendeka has an Aramco with the company having already been
excellent technology base with strong IP, skilled hired for unconventional gas stimulation ser-
workforce and global international presence, vices on the asset.
complementing our current and future offer- TAQA holds a 51% stake in the local Arabian
ing.” No valuation for the acquisition has yet Drilling Co. (ADC), which is understood to be
been announced. preparing to launch an initial public offering
According to Tendeka’s website, the company (IPO). Sources quoted by Bloomberg in late 2021
specialises in reservoir monitoring and control, said that the potential listing would give ADC a
advanced lower completions, and production total valuation of around $2bn. Global services
optimisation technologies across conventional specialist Schlumberger holds the remaining
and unconventional reservoirs. 49% in the company.
Meanwhile, Tendeka CEO Brad Baker According to the company’s website, ADC
said that TAQA would “not only immediately was formed in 1964 and lists major clients
strengthen our capabilities in the key Middle including Aramco, Schlumberger and Al-Khafji
East Region, but also bring investment for our Joint Operations (KJO) – the joint venture
future growth”. between Kuwait Petroleum Corp.’s Kuwait Gulf
During a 2021 interview with MEED, Ten- Oil Co. (KGOC) subsidiary and Aramco subsidi-
deka’s chief operating officer Scott Watters high- ary Aramco Gulf Operations Co. (AGOC) which
lighted TAQA as one of the Gulf’s local services manages the offshore portion of the partitioned
companies with the capabilities and resources neutral zone (PNZ).™

P8 www. NEWSBASE .com Week 08 23•February•2022