History

Building Strength Through Strategic Transformation

Viking Services’ journey is defined by strategic growth, disciplined execution, and a clear commitment to long-term value creation. From its early operational roots to its present-day market leadership, Viking has continuously evolved to meet the changing dynamics of the energy services industry.

Foundations and Establishment (2008–2011)

Viking’s operations began in Turkey and Northern Iraq as part of the Transatlantic Group’s regional activities. Recognizing the opportunity to build a dedicated oilfield services platform, Viking Services was formally established to manage and expand these operations.

Strengthening the Shareholder Base (2012–2016)

In 2012, Abraaj Group acquired a 50% stake in Viking Services from Transatlantic Group, marking the company’s first major institutional investment and laying the groundwork for structured growth.

In 2013, BXR Group acquired a 40% stake in Viking Services from Abraaj.

In 2016, Abraaj and BXR jointly acquired the remaining 50% stake from Transatlantic Group, consolidating ownership and positioning Viking for accelerated expansion under institutional stewardship.

In 2016, the appointment of Ahmed Lotfy as CEO marked a pivotal leadership transition. A new management team was formed, introducing a renewed operational focus and strategic direction.

Transition to Actis Ownership (2019)

By 2019, Actis took over the Abraaj Global Fund, becoming the controlling investor in Viking Services. This transition reinforced Viking’s governance structure and strengthened its capital backing.

This year, Actis assumed full management oversight of Viking Services, providing stability and strategic clarity during a period of market volatility.

Resilience and Strategic Refocus (2020–2022)

During the COVID-19 pandemic (2020–2021), Viking implemented strict cost management measures to safeguard operational resilience and protect long-term sustainability.

In 2022, the company strategically refocused its activities in Turkey, returning to a core oil and gas services strategy and moving away from geothermal operations. This shift aligned Viking more closely with its core competencies and market opportunities.

Reorganization and Market Expansion (2023–2025)

In 2023, BXR’s minority interest was acquired by SPV 122, resulting in Viking Services becoming 100% managed by Actis. Between 2023 and 2024, Viking initiated a comprehensive legal reorganization to enhance operational efficiency and streamline governance structures.

In 2025, a new Turkey-focused corporate strategy was formalized to guide post-reorganization growth. This strategy emphasizes market leadership, operational excellence, and sustainable expansion.

As part of this next phase, Viking has expanded its market share through collaboration with TPAO while strategically exiting operations in Romania and Northern Iraq to concentrate resources in its core Turkish market.

Looking Ahead

Viking Services today stands as a focused, resilient, and strategically aligned energy services provider. Through disciplined ownership transitions, strong leadership, and adaptive strategy, the company has built a platform positioned for sustainable growth and long-term value creation.