Oman’s largest drilling contractor plans IPO

MUSCAT, January 23, 2023 – Abraj Energy Services has set plans to put 49% of its shares on the Muscat stock exchange, Oman’s largest drilling contractor announced on Sunday.

The IPO planned in March 2023 will be overseen by Ahli Bank Oman, EFG Hermes UAE and National Bank of Oman and will be open to both Omani and international investors outside of the USA.

Oman Investment Authority is the sole owner of Oman’s NOC OQ, which is the selling shareholder in the offering.

The move is part of sovereign wealth fund Oman Investment Authority’s plan to generate around USD 1.3 billion by divesting shares in eight investments in 2023.

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

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