Saudi Arabia’s Industrialization and Energy Services Company (TAQA) plans to acquire two North America-based companies, working in the areas of oilfield services technology and manufacturing, by the end of 2019, Pipeline Oil and Gas Magazine reported.

TAQA has dedicated around $1.2 billion for the new investments and acquisition transactions over the next three years. The company aims to strengthen its footprint in oilfield services, equipment manufacturing, and new technologies across the wider Middle East and North Africa (MENA) region as well as North America.

“North America is home to some of the world’s leading oilfield services companies and represents an exciting investment and expansion opportunity for TAQA. We are actively seeking to tap into the latest technology and manufacturing practices in this market, especially in the unconventional resources space, where we see significant growth opportunities,” Azzam Shalabi, TAQA’s CEO said.

The acquisition comes in line with the company’s 2021 strategy to be a leading oilfield services and equipment (OFSE) provider.