Oman's drilling services company Abraj prepares 49 percent l...| MENAFN.COM

Tuesday, 07 February 2023 05:59 GMT

Oman's drilling services company Abraj prepares 49 percent listing on Muscat exchange


(MENAFN) Oman's oil and gas drilling services company Abraj Energy Services prepares to register up to 49 percent of its stakes on the Muscat share exchange in March via an initial public proposing, as stated by a firm announcement on Sunday.

The IPO forms part of a departure program lately declared by the sovereign wealth investment, the Oman Investment Authority, the state news agency stated.

State energy firm OQ, the selling stockholder, is totally possessed by the OIA, which anticipated to departure eight investments this year to produce around USD1.3 billion.

A diversified oil and gas services company, Abraj is the biggest drilling worker in Oman with a market share of nearly 30 percent.

"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," Abraj CEO Saif Al Hamhami asserted.

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