Contractor expands in the Middle East with £25m buy
Interserve has expanded in the Middle East with the acquisition of an Omani oil and gas services company for $41m (£25m).
Interserve has bought Willbros Middle East Limited and its subsidiaries – including The Oman Construction Company – which provide oil field maintenance, construction and logistics services.
Adrian Ringrose, chief executive of Interserve said: “Interserve sees the Middle East oil and gas sector as a key growth market and this acquisition further develops our presence in the region.
“As part of Interserve, we believe TOCO’s growth will be accelerated through innovation, enhanced business development and a number of operational efficiencies.”
The UK firm has made the acquisition with an Omani partner with the stakes split 85:15.
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