The ownership of drilling firm Dalma Energy and its subsidiary has been transferred to Saudian firm Al-Qahtani Investments (AQI) from Aabar Petrolem Investments. According to a recent report in Pipeline magazine.
Saudian firm Al-Qahtani Investments (AQI) has acquired drilling arm Dalma Energy formerly owned by Aabar Petrolem Investments. The transfer of ownership of the company also includes its subsidiary’s ownership, the company has announced.
Aabar, listed on the Abu Dhabi stock exchange, and Dalma’s previous holding company signed an SPA with GulfCap Group Limited on 29th July 2007, a statement from the company said.
GulfCap has subsequently signed an agreement with AQI novating the original agreement. The acquisition of Dalma was completed during the first week of January 2008.
Sheikh Tariq Al-Qahtani, Chairman of the Board of Al-Qahtani Investments LLC said, “We see this acquisition as a strategic long term investment for Al-Qahtani Group, being in line with our interests in both domestic and international markets. It is our intention to develop Dalma Energy into one of the leading drilling and services companies in the region.”
AQI is a subsidiary of Abdel Hadi Abdullah Al-Qahtani & Sons (Group of Companies) of Saudi Arabia . Al-Qahtani Investments LLC was recently floated by Abdel Hadi Abdullah Al-Qahtani & Sons who hold 51.5% shares, followed by Al Nasser Investments LLC, UAE with 24.4%, GulfCap Energy LLC, UAE with 16.6% and other prominent investors from the Kingdom of Bahrain holding 7.5%.
The principal shareholder Abdel Hadi Abdullah Al-Qahtani & Sons is a well reputed company in the oil and gas sector, and is headquartered in Dammam , Saudi Arabia . Al Nasser Investments LLC is also a prominent group in the oil services industry from Abu Dhabi , UAE. GulfCap Energy LLC holds GulfCap Group’s investments in energy sector.
“Al Nasser Group is keen to diversify its portfolio in the oil field services. The acquisition of Dalma will help to expand our oil field services further. We see tremendous synergies between Dalma and our existing business in the oil and gas sector,” said Abdulla Nasser, director of Al-Qahtani Investments.
Dalma operates 22 land drilling rigs in Oman , Saudi Arabia , Qatar , India and Algeria . The company’s fleet comprises of seven light rigs of less than 1,000 horsepower (hp), 4 medium rigs of 1,500 hp, and 11 heavy rigs of 2,000 hp. The company offers a variety of services from shallow depth drilling and work over operations to drilling oil wells and deep gas wells in excess of 5,000 metres.
“We are happy to have initiated this transaction, and are grateful to all the shareholders of Al-Qahtani Investments who joined hands in acquiring Dalma Energy. Our vision is to transform Dalma, which is presently a regional drilling company, into an international integrated oil services company,” said Suleiman Shahbal, CEO of GulfCap Group and a director of Al-Qahtani Investments LLC.