Skip to content Skip to Search
Skip navigation

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

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).

Latest articles

Gulf bank rates

Gulf banks face margin squeeze as funding costs rise

Gulf banks are likely to offer more attractive rates on savings accounts to woo depositors, putting more pressure on lenders’ already tight net interest margins, a report suggests. The move towards higher interest rates for savers is predicted to become more pronounced as expectations of imminent rate cuts by the US Federal Reserve fade. Benchmark interest […]

Mubadala Investment Company CEO Khaldoon Khalifa Al Mubarak. The Abu Dhabi wealth fund is selling some GlobalFoundaries shares two years after the US company went public

Mubadala trims stake in US chipmaker GlobalFoundries

Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries.  A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […]

Saudi arabia water

$4bn set aside for Saudi water projects

Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week.  Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […]

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]