Contractor expands in the Middle East with £25m buy

Oil Pump

Interserve has expanded in the Middle East with the acquisition of an Omani oil and gas services company for $41m (£25m).

Interserve has bought Willbros Middle East Limited and its subsidiaries – including The Oman Construction Company – which provide oil field maintenance, construction and logistics services.

Adrian Ringrose, chief executive of Interserve said: “Interserve sees the Middle East oil and gas sector as a key growth market and this acquisition further develops our presence in the region.

“As part of Interserve, we believe TOCO’s growth will be accelerated through innovation, enhanced business development and a number of operational efficiencies.”

The UK firm has made the acquisition with an Omani partner with the stakes split 85:15.