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Arabian Drilling plans to list 30% of shares on Saudi exchange

By Pramod Kumar
Arabian Drilling

Saudi Arabia-based oil and gas drilling contractor Arabian Drilling is planning an initial public offering (IPO) on the kingdom’s main exchange.

The offer consists of a secondary offering of 19.89 percent of the company’s total share capital through the sale of 17.70 million shares and a primary offering of 10.11 percent via the issuance of nine million new shares, the company said in a statement.

The book-building process will start from September 28 to October 5, 2022.

On June 27, the Saudi Exchange (Tadawul) approved the company’s request to offer 26.7 million shares, or 30 percent of its capital.

SNB Capital, Goldman Sachs Saudi Arabia, and HSBC Saudi Arabia are bookrunners and underwriters for the IPO.

Arabian Drilling’s contract backlog stood at SAR 8.2 billion ($2.18 billion) as of July 31, 2022.

The company operates in the kingdom and the Saudi Arabia-Kuwait Neutral Zone.

It has long-standing contracts with Saudi Aramco, Al-Khafji Joint Operations, Schlumberger Middle East, Dowell Schlumberger Saudi Arabia Ltd. and Baker Hughes Saudi Arabia.

The company is 51 percent owned by The Industrialization and Energy Services Company (TAQA), which is majority owned by Public Investment Fund, and 49 percent owned by Services Pétroliers Schlumberger SA (Schlumberger).

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