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Dubai: Al Qahtani Investments LLC (AQI) said on Monday it has acquired Dalma Energy LLC and its subsidiaries.
Aabar, which previously owned Dalma Energy, signed an agreement with GulfCap Group Limited on July 29, 2007.
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.
Shaikh 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 Abdul Hadi Abdullah Al Qahtani & Sons of Saudi Arabia.
Al Qahtani Investments LLC was recently floated by Abdul Hadi Abdullah Al Qahtani & Sons who hold 51.5 per cent shares, followed by Al Nasser Investments LLC, UAE with 24.4 per cent, GulfCap Energy LLC, UAE with 16.6 per cent and other prominent investors in Bahrain holding 7.5 per cent.
The principal shareholder Abdul Hadi Abdullah Al Qahtani & Sons is a 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. GulfCap Energy LLC holds GulfCap Group's investments in energy sector.
Abdullah Nasser, director of Al Qahtani Investments LLC said, "Al Nasser Group is keen to diversify its portfolio in the oil field services. The acquisition of Dalma will help to expand our oilfield services further. We see tremendous synergies between Dalma and our existing business in the oil and gas sector".
Dalma operates 22 land drilling rigs in Oman, Saudi Arabia, Qatar, India and Algeria.
The company's fleet comprises seven light rigs of less than 1,000 horsepower, four medium rigs of 1,500 horsepower, and 11 heavy rigs of 2,000 horsepower.
The company offers a variety of services from shallow depth drilling and workover operations to drilling oil wells and deep gas wells of more than 5,000 metres.
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