North-east energy service company Tendeka has been snapped up by Saudi Arabian company Taqa for an undisclosed sum.
Dhahran-based oilfield services company Taqa, not to be confused with the Abu Dhabi-headquartered oil and gas operator of the same name, has acquired 100% of Tendeka.
The deal was announced at the start of the International Petroleum Technology Conference in Riyadh.
Tendeka, based in Westhill, near Aberdeen, said the takeover would strengthen its capabilities in the Middle East and attract investment.
The company specialises in engineering and manufacturing technologies for oil and gas reservoir monitoring, advanced well production processes, and production optimisation.
Brad Baker, chief executive, Tendeka, said: “Tendeka has a rich history of providing innovative technologies for reservoir monitoring and production optimisation.
“Taqa will contribute to our capabilities in the Middle East region as well as investing for our future growth.”
As well as Westhill, Tendeka has bases in the US, Norway, the United Arab Emirates and Malaysia.
Taqa chairman Ahmed bin Musa Al-Zahrani said: “Tendeka has an excellent technical and intellectual property base, a skilled workforce and a distinguished global presence which will contribute to increasing our current and future offerings.”
Tendeka was formed in 2009 to consolidate specialist solutions for increased efficiency in well completions and production.
It combined London-based digital monitoring solutions provider Sensornet, swellable elastomers expert Swellfix, of Aberdeen, and Stavanger-headquartered wireless well communication and downhole instrumentation specialist Well Technology.
The business was until now owned by Shell Technology Ventures Fund 1, a Netherlands-based private equity fund managed by Kenda Capital.
Investors in the fund include Kenda, Shell, Coller Capital and the Abu Dhabi Investment Authority.
Dons deal
Last November it was announced Tendeka had signed a deal with Aberdeen FC Women, making the company an official supporter of the football club.
The new partnership led to the firm’s branding appearing on the back of the team’s home and away shirts in Scottish Women’s Premier League 1.
Tendeka already sponsored Dons’ player Kelly Forrest, who works as an operations supervisor at the company.
The new partnership came hot-on-the-heels of the firm revealing it had secured more than £22 million-worth of international contracts for the next three years.
In addition to this unplanned revenue, the completions specialist won long-term work with operators for its swellable packers and sand and inflow control technologies across key energy hubs, including the North Sea, Australasia and the Gulf Cooperation Council.
The most recent set of accounts lodged at Companies House show UK operations of Tendeka employed 62 people, on average, in 2020.
Taqa, was established in 2003 and formed with the backing of the Saudi Public Investment Fund.
Other shareholders include oil giant Saudi Aramco and Saudi’s Riyad Bank.
