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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Abraj Energy hires banks to advise on planned IPO: Report

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@JmObserver -


Abraj Energy Services (Abraj), a leading Omani oilfield and gas services company and a wholly-owned subsidiary of OQ, has picked National Bank of Oman, Ahli Bank of Oman and EFG Hermes Holding Co to advise on its planned initial public offering (IPO), according to Bloomberg.


The offering could raise as much as $500 million and may happen in the first quarter of 2023 though the timing might change, the business news portal revealed in a report on Tuesday.


Abraj has not made a decision about the size of the IPO, and will update stakeholders once it has, it said. Abraj is now seeking the necessary regulatory approvals for the share sale, the report said.


Abraj is a core entity in Oman’s oil and gas services sector, providing a wide range of services including drilling and work over rigs as well as fracturing, cementing and coiled tubing services. The company features an advanced fleet of drilling rigs deploying innovative and best-in-class technology. Abraj employs over 2,000 highly qualified professionals with a 93 per cent Omanisation rate.


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