Dhahran, Saudi Arabia, 9 December 2021- The Industrialization and Energy Services Company (“TAQA”) announced today that it acquired 100% of Target Intervention Company AS (“Target Intervention”). Headquartered in Ålgård, Norway, Target Intervention specializes in the development of real-time coiled tubing tool solutions which enable real-time measurement, interpretation, evaluation, and optimization of well intervention treatments for improved reservoir productivity/injectivity.
As part of TAQA’s strategy to expand its Oilfield Services portfolio, Target Intervention will strengthen TAQA’s well intervention capabilities.
Target Intervention technology provides improved reliability and control during any coiled tubing operation through the electric operation and monitoring of all downhole tool components. Building on a strong R&D team, Target has successfully developed the CHALLENGER™ Electric Straddle Tool for multistage stimulation and the DISCOVERY™ e-DST for real-time shut-in formation testing.