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|| Abraaj Capital to buy part of US TransAtlantic Petroleum for $164 million

abraj-trans.jpgDubai's private equity firm Abraaj Capital is part of a consortium in talks to acquire the oilfield services businesses of U.S.-based TransAtlantic Petroleum for $164 million

Abraaj and Dalea Partners, a private equity firm in Texas, are buying Viking International Limited and Viking Geophysical Services, TransAtlantic's oilfield services subsidiaries.

Abraaj Capital is listed in the Middle East Investors Directory with the code OR01.

More details follows:

Abraaj Capital, the leading private equity firm in emerging markets, today announced that a consortium consisting of funds advised by Abraaj Investment Management Limited (“Abraaj”, an affiliate of Abraaj Capital) and Dalea Partners, LP (“Dalea”, an affiliate of N. Malone Mitchell, 3rd) has entered into a non-binding letter of intent to acquire the oilfield services business of listed TransAtlantic Petroleum Ltd. (“TAT”, TSX: TNP; NYSE-AMEX: TAT), which is substantially comprised of TAT’s wholly owned subsidiaries Viking International Limited and Viking Geophysical Services, Ltd. (together “Viking”).

Viking is a fully integrated oilfield service company committed to providing services to the oil and gas industry with the goal of exceeding the exploration needs of operators. Viking currently maintains operations within the regions of Turkey, Bulgaria, and Romania, with expansion plans into geographically strategic underserviced emerging markets. Services are available in a variety of forms, ranging from single service jobs to total project management in which contracts can be tailored from day-rate to complete turnkey contracts.

“The proposed transaction presents an opportunity to back a strong management team with a proven track record in a growing industry. Working with N. Malone Mitchell, 3rd, who has more than 25 years of experience and a demonstrated track record in the oilfield services sector, Abraaj Capital will facilitate and support Viking management in expanding its footprint across its target markets,” said Ahmed Badreldin, Senior Partner at Abraaj Capital.



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