Font Size

- Aa +

Sun 22 Sep 2013 03:09 PM

Font Size

- Aa +

Dubai oil firm said to chase buyer for $700m deal

Sources say NPS Energy has initiated sale process to find a buyer for the company

Dubai oil firm said to chase buyer for $700m deal

Dubai-based oil services firm NPS Energy, which tried to sell itself to Norway's
Aker Solutions last year, has once again initiated a sale process to find a
buyer, hoping to fetch up to $700 million, sources aware of the matter said.

Oil services company Aker agreed to buy NPS Energy for about $460 million in
May 2012, including $110 million in debt, but the deal collapsed in November
after the two parties failed to reach a final agreement.

A formal sale process for the business was initiated earlier this year, the
sources said, speaking on condition of anonymity as the matter is not
public.

NPS Energy is part of oilfield services company National Petroleum Services,
which was formed in 2004 from the merger of oilfield businesses owned by two
large family-owned groups in Saudi Arabia and Qatar.

Demand for oilfield services in the Middle East, the world's top oil
producing region, has increased rapidly in the last few years.

NPS Energy has appointed British lender HSBC Holdings as a financial adviser
for the transaction, according to the sources.

A spokesman for NPS Energy was not immediately available for comment. Adnan
Ghabris, the firm's chief executive officer, did not reply to an email from
Reuters seeking comment. A spokesman for HSBC in Dubai declined to comment.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.