Oil & Gas Middle East
6 ARABIAN DRILLING
Arabian Drilling Co., one of the largest oil and gas drilling contractors in Saudi Arabia, announced its intention to list its ordinary shares on the Saudi main index in an IPO, which could raise as much as $710 million.
On June 27, The Saudi Exchange gave Arabian Drilling the green light to the company’s request to offer 26.7 million shares, or 30% of its shares, and two days later, its offering was approved by the Capital Market Authority. Arabian Drilling’s IPO is the largest in the kingdom since pharmacy chain Nahdi Medical Co. raised $1.4 billion.
Established in 1964, Arabian Drilling has a large fleet of 45 onshore and offshore rigs operated that is built to withstand the harsh weather conditions found in the Middle East region.
Earlier this year, Arabian Drilling also revealed its new brand identity.