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TUBACEX and SENAAT join forces to grow in the Middle East

Steel News - Published on Thu, 21 Feb 2019

Image Source: feeds.mubasher.info
TUBACEX and SENAAT, an industrial investment holding company owned by the Emirate of Abu Dhabi, have signed an agreement to acquire NOBU Group, a company specialized in repairing and manufacturing high precision stainless steel components for the oil and gas industries. This alliance reinforces the ambition of TUBACEX to become one of the largest manufacturers of premium tubular solutions in Middle East. The acquisition of NOBU Group is the first step in what potentially could be a wider initiative to cooperate to undertake further investment projects in the oil and gas sectors in the UAE and the region. The acquisition will enhance TUBACEX’s chances to access the leading drilling companies in the UAE and the region offering a wider portfolio of premium tubular solutions and repair and installation services.

NOBU Group has three locations in Saudi Arabia, Dubai and Norway, with a skilled workforce of over 200 people expected sales of 34 million dollars for 2019.

Llodio, 19 February 2019. TUBACEX and SENAAT, an industrial investment holding company owned by the Emirate of Abu Dhabi, have started a strategic partnership to support the development of energy projects in the Middle East. This alliance aims at growing in a key market by developing investment projects with a special focus on developing local manufacturing capabilities, with the ambition to become one of the largest manufacturers of premium tubular solutions in Middle East.

In the framework of this strategic alliance, TUBACEX and SENAAT have signed an agreement to acquire NOBU Group, a company specialized in repairing, maintaining and manufacturing services for high precision machining of tubular components supplying to a blue chip customer base which includes Baker Hughes, Schlumberger, Emerson and Halliburton amongst others. TUBACEX will thus gain access to the leading oil services companies offering a wider portfolio of tubular solutions and repair and installation services. With the acquisition of NOBU, TUBACEX is moving forward in its strategy to become a global supplier of tubular solutions by significantly strengthening its product portfolio for customers in the upstream part of the energy sector. This activity is channeled through Tubacex Upstream Technologies (TXUT), a business unit that was created in 2016 with the aim of providing added value to the OCTG segment. In 2018 TXUT had revenues above 200 million euros. In addition, the acquisition of NOBU also comes to enhance Tubacex´s strategy of growing in key geographical markets, product diversification and offering an integral premium solution to end users. Furthermore, it reinforces TUBACEX’s commitment in one of the regions with the largest resources of oil and gas, which is currently engaged in a growth plan. This acquisition is the first step of the joint commitment between TUBACEX and SENAAT, one of the largest investment and industrial holding companies in the United Arab Emirates, to developing energy projects in the region, contributing to its economic development with local investments.

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Posted By : Ratan Singh on Thu, 21 Feb 2019
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