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State-backed Abu Dhabi Investment Council (ADIC) and U.S. private equity firm Lime Rock Partners are weighing the sale of their stake in Dubai-based oilfield services firm OiLSERV, two sources familiar with the matter told Reuters.
ADIC, owned by state investor Mubadala Investment Company, and Lime Rock Partners are exploring options for their investment, said the sources, declining to be named as the matter is not public.
Discussions are at very early stages, and the parties are considering a sale or initial public offering (IPO), they said.
OiLSERV and Lime Rock Partners did not immediately respond to requests for comment. Mubadala declined to comment.
The parties have not hired advisers, nor taken a final decision regarding a potential transaction, the sources added.
Their investment is reaching the end of their time horizon, said the sources. Buyout firms typically hold onto acquired companies for three to seven years.
Lime Rock Partners made the investment in OiLSERV in 2010, according to the Texas-based firm’s website. Information on when ADIC made the investment and the size of the stake held by the two parties is not publicly available.
OiLSERV describes itself as an independent oilfield services company focused on the Middle East and North Africa.
A third source said the company had a strong presence in Iraq and competes with Baker Hughes , Schlumberger (SLB.N) and Halliburton (HAL.N) in the country.
Deal activity is gaining momentum in the Gulf after a slew of M&A activity and an IPO boom in the energy sector last year.
Oil prices are hovering around $100 a barrel on concerns of global supply disruptions from the impact of trade sanctions on major crude and fuel exporter Russia after it invaded Ukraine. read more
Saudi Aramco (2222.SE) in December signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock (BLK.N) Real Assets and state-backed Hassana Investment Co. read more
Abu Dhabi National Oil Company last year took its unit ADNOC Drilling (ADNOCDRILL.AD) and joint venture firm Fertiglobe (FERTIGLOBE.AD) public and listed them on the Abu Dhabi exchange.
Reporting by Hadeel Al Sayegh Editing by Mark Potter
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