Al Yah Satellite Communications, better known as Yahsat, signed an agreement with Mubadala Petroleum to explore the provision of satellite services to the company's assets in South-East Asia.
As part of the partnership, Yahsat will support Mubadala to improve connectivity between its site offices, associated data centres and the head office, the two companies said on Wednesday.
“Digital platforms are critical to the success of our business and we have invested heavily in building a digital transformation strategy that supports our business goals,” said Mansoor Al Hamed, chief executive of Mubadala Petroleum.
Listed on the Abu Dhabi Securities Exchange, Yahsat offers multi-mission satellite services in more than 150 countries across Africa, Asia, Australasia, Europe, the Middle East and South America.
It has a current fleet of five satellites that cover more than 80 per cent of the world’s population. A sixth satellite is expected to be launched in the second half of 2023 and begin commercial operations 12 months later.
Mubadala Petroleum, a unit of Abu Dhabi’s strategic investment firm Mubadala Investment Company, has operations in ten countries in the Middle East and North Africa, Russia and South-East Asia. The company produces 345,000 barrels of equivalent per day.
Earlier this year, Mubadala Petroleum finalised a deal with Israel’s Delek Drilling to buy a 22 per cent stake in the Eastern Mediterranean's offshore Tamar field. The company is also looking into expanding its operations in South-East Asia.
Yahsat, which is also part of Mubadala Investment Company, raised about $731 million through its initial public offering in July.
It sold 975.9 million shares, or 40 per cent of equity, through the IPO, which was several times oversubscribed, with significant demand from both qualified institutional and retail investors in the UAE.