Omani drilling unit launches IPO

MUSCAT, February 14, 2023 – Oman’s NOC OQ is set to launch an IPO of drilling arm Abraj Energy Services, the unit announced on Saturday.

A total of 49% of the company’s shares will be on offer, with plans to raise up to USD 244 million.

The offering is set to open on February 20, 2023. For retail investors subscriptions will close on March 1, 2023, and for institutional investors it will close a day later.

Shares will be listed for trading on the Muscat Stock Exchange on March 14, 2023.

Anchor investors in the IPO have been chosen, representing 40% of the offering. These include Saudi Omani Investment Company with a 20% share and Royal Court Affairs and Schlumberger Oman & Co with 10% shares each.

Abraj Energy Services holds a 30% market share of drilling contracts in Oman.

Plans to launch the IPO were announced in January 2023.

The IPO is the largest in Oman since 2010 when telecommunications giant Ooredoo Oman (then Nawras) raised USD 475 million.

In the last year IPOs in the Middle East raised around USD 23 billion.

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