Omani state drilling firm Abraj Energy has firmed up details on its IPO in an 11 February prospectus. Abraj is wholly owned by state energy firm OQ, which announced its intent to sell up to 49% of the firm last month (MEES, 27 January). Following the IPO, Abraj will be listed on the Muscat Stock Exchange (MSX).
Founded in 2006, Abraj is an onshore drilling and well services provider with 25 drilling rigs and five workover rigs. The firm says it has “the leading drilling market share in Oman” which it puts at 29% as of 30 June 2022. The firm’s prospectus puts net profit over the first nine months of 2022 at $37.9mn, virtually unchanged against $37.38mn for the same period in 2021. (CONTINUED - 965 WORDS)