RIYADH: Saudi Arabia’s Industrialization and Energy Services Company, or TAQA, acquired Norwegian well technology company Target Intervention for an undisclosed sum.
The Norway-based company develops real-time coiled tubing tool solutions to optimize well intervention treatments for improved reservoir productivity and injectivity.
The acquisition comes as part of TAQA’s strategy to expand its Oilfield Services portfolio, the company said in a statement.
“This transaction aligns well with our growth and digitalization strategy,” TAQA’s executive vice president of operations, Jamil Al-Naser, said.
"TAQA’s expertise will strengthen Target Intervention and solidify our position as a technology front runner within the well intervention segment,” Target Intervention's managing director Monika Bakke Malmin, said.
