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27th February 2018

Alturki Sells its Stake in Caledyne

Alturki Holding announces the recent sale of its shares in Caledyne Limited, the oil and gas production equipment and engineering services provider, to Baker Hughes, the top-tier oilfield service company.

Khalid Ali Alturki & Sons Holding Company (Alturki Holding) had acquired 45% of Caledyne Limited, UK in 2015. Caledyne focuses on providing optimum solutions as well as a wide range of products and engineering services for both operators and service companies in the oil and gas industry. Sawafi, a wholly owned subsidiary of Alturki Holding, which was established in 2013, became the agent of Caledyne products in Saudi Arabia. Sawafi provides a broad range of technology products and services to the upstream oil and gas industry in Saudi Arabia. The Caledyne acquisition was the first of its kind for Alturki as it drives ahead in its strategy to build capabilities in this field. Through Sawafi, Alturki will be making similar acquisitions in upstream technology platforms in the oil and gas sector around the world.

Caledyne will be a valuable addition to Baker Hughes and would further complement their vast array of products and service solutions catered to the need of the customers and contribute to their success.

About Sawafi:

Sawafi, a wholly owned subsidiary of Khalid Ali Alturki & Sons Holding Company (Alturki Holding), was established in 2013 as a provider of innovative technology products and services to the upstream oil and gas industry in Saudi Arabia. Its technology partners are emerging oilfield products and services companies from around the world. These activities were previously provided under the Oil & Gas Division of the Industrial Materials and Services Company (INMA), established by Alturki Holding in 1981.

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