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.
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 channelled 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 €200M.
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.
The acquisition of NOBU at a valuation of USD 57.3M (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.
