AlMansoori Acquires Second Egyptian Company
AlMansoori Specialized Engineering (MSE) has strengthened its market position in Egypt with the acquisition of leading service company Gulf Petroleum Investments in a multi-million dollar deal.
MSE's tubular inspection division has acquired all the assets and existing contracts of Cairo-based GPI, whose core business is tubular inspection and wireline manpower services.
The acquisition is in line with AlMansoori's long term commitment to international expansion while enhancing its position in the Middle East. Earlier this year AlMansoori heralded its first venture into the rapidly growing Egyptian oil and gas sector with the acquisition of production testing, drill stem testing and memory gauge equipment company Alpine Oil Services Egypt (AOSE).
Lyle Gifford, General Manager of AlMansoori's Tubular Inspection Services, said: "The acquisition of GPI is of key strategic importance in our commitment to both geographic and business expansion.
"GPI's existing portfolio of work gives us an immediate start and enhances our position in the highly significant Egyptian oil and gas market.
"Our acquisition of AOSE enabled us to establish one of our core business streams in Egypt – production services. The acquisition of GPI gives us a platform to introduce our other two core streams – inspection and wireline services, giving us a full capability in Egypt. The country also provides a solid base from which to expand into the wider North African oil and gas market, giving us a significant advantage in the region."
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