Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced that it has started a strategic partnership with SENAAT, an industrial investment holding company owned by the Emirate of Abu Dhabi, 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 the 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.
TUBACEX said that the acquisition of NOBU at a valuation of $57,3 million (subject to potential final price adjustments) represents the first step towards establishing industrial bases in key regions, it increases the production capacity of the group, its international footprint by growing in key strategic markets and allows a wider integral tubular solution.