Alpha Dhabi buys 51% stake in UAE oil field services firm NTS Amega Global
Stake in UAE-based NTS Global expands Alpha Dhabi's energy sector interests
Dubai: The Abu Dhabi investment group Alpha Dhabi has picked up majority stake in NTS Amega Global, in one of its biggest forays into the oil field services sector.
The NTS Group’s operations now extend across nine ‘pivotal’ oil and gas locations, including the UAE (where it is headquartered), Saudi Arabia, Houston, Canada, Guyana, Norway, Singapore, Midland, and Lafayette. Alpha Dhabi will hold 51 per cent stake, the deal value has not been disclosed.
“By investing in companies that align seamlessly with our oil field services operations, we remain true to the core principles of our growth strategy,” said Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi. “Our collaboration with industry leaders like NTS Group is a strategic move to not only accelerate our growth but also to expand and diversify our presence across various markets and regions.”
Growth through deals
NTS was launched in 2006 in the UAE to create a ‘global specialist manufacturing and services company for drilling tools and equipment’.
In 2019, NTS Group was acquired by a joint venture between Tubacex and ADQ.
In 2020, NTS expanded its global reach by acquiring Amega West Services from NYSE-listed Carpenter Technology Corp.
“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 toward decarbonization, with gas serving as a bridge in this energy transition,” said Jesus Esmoris, CEO of Tubacex, in a statement.
The acquisition will support - and bolster - NTS’s contracting options, including the 'global framework agreements', the local repair/manufacture hubs, and stock management programs. All of which are 'designed to reduce costs, improve lead times, and increase equipment availability'.