Schlumberger-backed Arabian Drilling plans Saudi IPO

Schlumberger-backed Arabian Drilling plans Saudi IPO

Arabian Drilling Co., a Saudi oilfield-services company partly held by Schlumberger NV, is preparing an initial public offering that could give it a valuation of around $2 billion, according to people familiar with the matter.

The firm, also owned by Saudi Arabia’s Industrialization & Energy Services Company, known as Taqa, has asked banks to pitch for a role on the potential share sale, the people said, asking not to be identified as the information is private.

Arabian Drilling may complete a deal on Riyadh’s stock exchange before the end of the year, they said. No decisions have been finalized and the owners may decide against an IPO, the people said.