Medserv plc has announced plans for a $46 million investment as part of its drive to expand operations in the Middle East.
In a statement the board of directors yesterday said that the company had entered into a conditional share purchase agreement for the acquisition of the METS Group. The Middle Eastern company operates a comprehensive threading, repair, inspection and storage service for oil drilling related equipment, known as oil country tubular goods, and has three sites in Sharjah, Oman and Basra, Iraq.
“This acquisition fits with our longer-term strategy of increasing our geographical and product spread. It will also allow us to continue to grow our customer portfolio of international oil and gas companies and subcontractors,” Medserv chairman Anthony Diacono said.