- Alpha Dhabi Holding, a subsidiary of International Holding Company, has secured a 51% ownership stake in oilfield services provider NTS Amega Global, signifying the Abu Dhabi investment firm's expansion into the energy sector. This strategic move aligns with Alpha Dhabi's global expansion aspirations, according to a statement released on Wednesday to the Abu Dhabi Securities Exchange, where the company's shares are listed. While the specific financial terms of the transaction were not disclosed, it marks a significant development in the energy portfolio of Alpha Dhabi.
- NTS Group, headquartered in the UAE, offers a range of services in the oil and gas sector, including manufacturing, repair, and rental services on a global scale. Their operations span across various locations worldwide, including Saudi Arabia, Houston-Texas, Canada, Guyana, Norway, Singapore, Midland, and Lafayette. The NTS Group, established in 2006, came under the ownership of a joint venture between Abu Dhabi's ADQ and Tubacex, an advanced materials and solutions provider, in 2019. Furthermore, in 2020, NTS Group acquired Amega West Services from Carpenter Technology Corporation.
Why it matters
Alpha Dhabi has been actively expanding its footprint in the energy sector, with a recent acquisition in November of a 25 percent stake in Gordon Technology, an oil and gas engineering company, for Dh602 million ($164 million). This latest acquisition is expected to bolster NTS's contracting capabilities, including global framework agreements, local repair and manufacturing centers, and stock management programs.