Waha Capital acquired a 20.2% stake in NPS Holdings Limited, the holding company for the National Petroleum Services (“NPS”) business in June 2014, as part of a consortium, including Fajr Capital, and APICORP.
NPS Holdings owns a controlling stake in NPS Bahrain, which was formed in 2007 through the merger of Qatari and Saudi oil field service providers. NPS, through its various subsidiaries and
joint ventures, has a significant presence in Saudi Arabia, Qatar, United Arab Emirates, Brunei, India, Libya, Bahrain, Iraq, Algeria and Malaysia. NPS’s principal activities include oil well maintenance services such as cementing, coiled tubing, well drilling, well testing and wireline services.
During the year ended 31 December 2015, NPS reported the following key metrics:
- Secured contracts worth AED 150.6 million, taking current contracts-in-progress to AED 1,212.5 million (remaining value as of 31 December 2015);
- Invested AED 206.4 million in capital expenditure (2014: AED 194.9 million);
- Had available banking facilities with regional banks for an amount of AED 734 million at an interest rate of LIBOR + 2.9% per annum. The undrawn balance of the facility was AED 51.3 million as at 31 December 2015 (2014: AED 183.5 million);
- Reported revenue of AED 747.6 million (2014: AED 730.4 million);
- Reported a gross book value of property, plant and equipment as at 31 December 2015 of AED 1,395.4 million.
Waha Capital’s stake in NPS Holdings as an equity-accounted investee was carried at AED 280.2 million as at 31 December 2015.