Energy PIF-backed oil and gas driller to float 30% on Saudi bourse By Pramod Kumar August 28, 2023, 6:27 AM Reuters Fitch does not expect any changes to Public Investment Fund's status, ownership and control over the medium term Oil and gas driller Ades Holding, which is backed by Saudi Arabia’s Public Investment Fund, has announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange. The share sale comprises 338.72 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and newly issued shares through a capital increase. The company will also issue 33.87 million new shares to be allocated to employees as part of a long-term incentive scheme. Saudi oil exports lowest since September 2021 Saudi Arabia and Abu Dhabi bet on crude-to-chemicals What does Saudi Arabia know? A lot about global oil markets The final pricing will be announced on September 18, 2023. The group has operations across the Arab region, including Saudi Arabia, Kuwait, Qatar, Egypt, Algeria and Tunisia. Operations in India will start in 2023 on the back of already awarded contracts. Ades has an aggregate fleet of 85 rigs in seven countries, including three rigs that will be operating in India, 36 onshore drilling rigs, 46 jackup offshore drilling rigs, two jackup barges, and one mobile offshore production unit. The company reported SAR1.98 billion ($528 million) in total revenue from customer contracts in the first half of 2023 and has a total backlog of SAR27.6 billion ($7.4 billion) as of June 30, 2023. “We are now present in the most attractive drilling markets globally. Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally,” said Ayman Abbas, chairman of ADES. Mohamed Farouk, chief executive of Ades, added that the IPO offers international and retail investors a “compelling opportunity” to invest in a leading global drilling operator with a growing international footprint.