SAIC announces cancellation of NPS stake sale

23/11/2012 Argaam

Further to the earlier announcements of Saudi Advanced Industries Company (SAIC) regarding the sale of its entire 20% stake in NPS Bahrain for Oil and Gas Wells Services to AKER Solutions, a global energy company, SAIC announces that, due to the restructuring condition (included in the selling agreement) of NPS and all its affiliated companies, which entitles the two parties to cancel the deal if the condition is not met by 20/11/2012, and as the restructuring has not been finalized, AKER Solutions informed NPS Bahrain of its decision to cancel the agreement on 21/11/2012.

The restricting process requires multiple legal procedures by NPS Bahrain, which owns a range of companies and subsidiaries in UAE, Qatar, Saudi Arabia, Kuwait, Brunei, Libya, Iraq, Syria, Venezuela, Singapore and Austria, among other countries.

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