Skip to content Skip to Search
Skip navigation

PIF-backed Ades Holding aims to raise $1.2bn from IPO

Backed by PIF, Ades Holding operates a fleet of 85 rigs in seven countries Pexels/Jan-Rune Smenes Reite
The Petroleum Association of Japan expects Dubai oil prices to stay in the range of $80-$95 a barrel for the next month

Oil and gas driller Ades Holding has set its share price range at between SAR 12.50 and SAR 13.50, seeking to raise as much as SAR 4.57 billion ($1.22 billion) from its initial public offering (IPO) on the Saudi stock exchange.

The institutional book-building process started on September 10 and will close on September 14.

Books were oversubscribed multiple times throughout the range within hours of opening, the company said in a separate notification.

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.

Headquartered in Khobar and backed by Saudi Arabia’s Public Investment Fund (PIF), Ades operates a fleet of offshore and onshore rigs across the Middle East, North Africa and India. Its key clients are Saudi Aramco, Kuwait Oil Company and North Oil Company in Qatar.

Selling shareholders PIF, Ades Investments Holdings and Zamil Group Investment will collectively sell 101,615,626 existing shares in proportion to their shareholding. ADES will also issue 237,103,128 new shares.

Ades operates 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.

The company has an aggregate fleet of 85 rigs in seven countries, including three rigs in India, 36 onshore drilling rigs, 46 jackup offshore drilling rigs, two jackup barges and one mobile offshore production unit.

The oil and gas driller reported SAR 1.98 billion ($528 million) in total revenue from customer contracts in the first half of 2023 and has a total backlog of SAR 27.6 billion as of June 30, 2023.

Latest articles

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to development fund

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […]

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]