The ownership of Dalma Energy and its subsidiary has been transferred to Al Qahtani Investments (AQI).

Aabar, listed on the Abu Dhabi stock exchange, and Dalma’s previous holding company have signed an agreement with GulfCap Group Limited.

GulfCap has subsequently signed an agreement with AQI novating the original agreement. The acquisition of Dalma was completed during the first week of January 2008.

“We see this acquisition as a strategic long term investment for Al-Qahtani Group, being in line with our interests in both domestic and international markets. It is our intention to develop Dalma Energy into one of the leading drilling and services companies in the region,” said Al Qahtani Investments Chairman Shaikh Tariq Al Qahtani.

“Al Nasser Group is keen to diversify its portfolio in the oil field services. The acquisition of Dalma will help to expand our oil field services further. We see tremendous synergies between Dalma and our existing business in the oil and gas sector,” said Al Qahtani Investments director Abdulla Nasser.

Dalma operates 22 land drilling rigs in Oman, Saudi Arabia, Qatar, India and Algeria. The company’s fleet comprises of seven light rigs of less than 1,000 horsepower (hp), 4 medium rigs of 1,500 hp, and 11 heavy rigs of 2,000 hp.

The company offers a variety of services from shallow depth drilling and work over operations to drilling oil wells and deep gas wells in excess of 5,000 meters.

“We are happy to have initiated this transaction, and are grateful to all the shareholders of Al Qahtani Investments who joined hands in acquiring Dalma Energy. Our vision is to transform Dalma, which is presently a regional drilling company, into an international integrated oil services company,” said GulfCap Group CEO and Al-Qahtani Investments director Suleiman Shahbal. – TradeArabia News Service