Waha Capital, which counts Mubadala Investment Company among its shareholders, acquired a minority stake in oilfield services firm Petronash Holdings in a $88 million deal.
The transaction includes options to raise Waha Capital’s stake in the Dubai company to 50 per cent as well as for the establishment of research and development centres in the southern Indian city of Chennai and Dammam in Saudi Arabia. Waha Capital did not disclose the size of the minority stake that was bought in a statement on Monday.
The development would see expansion of the company’s service and product lines with a view to widen its customer base.
The deal would enable Waha Capital to make “focused direct investments in highly cash-generative companies in our areas of expertise, which include energy, technology and financial services,” Michael Raynes, the company’s chief executive said.
Petronash, which supplies engineering products for the oil sector, has projected $200m in revenue for this year. The company counts Saudi Aramco, Abu Dhabi National Oil Company, Kuwait Oil Company, Petroleum Development Oman as well as BP as some of its clients. The company said it had a “strong order book of current and future projects” with potential to expand further in the region.
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After consolidating its regional expansion, Petronash would look to focus on working in the hydrocarbons sector in Russia, North Africa and other regions, according to the company’s chairman U M Rao.
Petronash has plants manufacturing specialised oilfield equipment in Dubai, Houston and Dammam besides a centralised design, engineering and component-manufacturing hub in Chennai.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
COMPANY%20PROFILE%20
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Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
