Abraj, Oman-based drilling company, intends listing in March on Muscat Exchange

(MENAFN) Abraj Energy Services, an Oman-based provider of oil and gas drilling services, announced on Sunday that it intends to float up to 49 percent of its shares through an IPO on the Muscat stock exchange in March.

Based on the state news agency, the IPO is a component of an exit strategy that the Oman Investment Authority, a sovereign wealth fund, recently revealed.

The OIA, which owns all of the selling shareholder, state energy corporation OQ, aims to exit eight interests in 2023 for a total gain of nearly USD1.3 billion. Abraj, a multifaceted oil and gas services provider, with a nearly 30 percent market share and is the biggest drilling contractor in Oman.

Saif Al Hamhami, the CEO of Abraj, declared that "we believe the Company’s future is very bright, not least because it is already pre-qualified in four countries to conduct a range of services, setting the stage for international expansion geared towards delivering growth and shareholder value."

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