Abu Dhabi [UAE], October 25 (ANI/WAM): Alpha Dhabi Holding today announced its acquisition of a 51 per cent stake in NTS Amega Global, underscoring the company's unwavering commitment to enhancing its energy portfolio, with a keen focus on the oil field services sector.
With this acquisition, NTS Group, renowned for its cutting-edge manufacturing, repair, and rental solutions in the Oil and gas sector, cements its position as a global frontrunner in producing drilling, subsea, top-side, and process components. This encompasses repairing Measuring and Logging While Drilling (MWD/LWD) tools and renting specialised Bottom Hole Assembly (BHA) drilling equipment.
NTS Group's operations now extend across nine pivotal O&G locations, including the UAE, where it is headquartered, Saudi Arabia, Houston-Texas, Canada, Guyana, Norway, Singapore, Midland, and Lafayette.
Hamad Salem Al Ameri, CEO and Managing Director of Alpha Dhabi, commented, "This acquisition is a clear reflection of our unwavering commitment to grow and drive value in our energy portfolio. By investing in companies that align seamlessly with our oil field services operations, we remain true to the core principles of our growth strategy. 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."
In 2019, NTS Group was acquired by a joint venture between TUBACEX, a leader in advanced materials and solutions for a sustainable future, and ADQ. In 2020, NTS Group further solidified its global presence by acquiring Amega West Services LLC from Carpenter Technology Corporation.
Jesus Esmoris, CEO of TUBACEX, commented, "Our partnership with Alpha Dhabi in NTS embodies TUBACEX's commitment to superior performance and innovation, particularly in offering sophisticated industrial products and services from a multi-energy perspective. 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 decarbonisation, with gas serving as a bridge in this energy transition."
The acquisition is pivotal for the oilfield services market, which is expected to grow with a CAGR of 5.5 per cent between 2022-2027. According to a recent report, the global oilfield services market size is projected to reach USD 346.45 billion by 2027.
The acquisition will support and bolster NTS's innovative contracting options, including Global Framework Agreements, Local Repair/Manufacture hubs, and Stock Management Programmes, all designed to reduce costs, improve lead times, and increase equipment availability while maintaining the highest levels of quality and service. (ANI/WAM)
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