Oman’s drilling services firm Abraj plans March listing on Muscat exchange

Oman’s drilling services firm Abraj plans March listing on Muscat exchange

MUSCAT: Oman's oil and gas drilling services firm Abraj Energy Services plans to list up to 49 percent of its shares on the Muscat stock exchange in March through an initial public offering, a company statement said on Sunday. The IPO forms part of an exit plan recently announced by the sovereign wealth fund, the Oman Investment Authority, the state news agency said. State energy company OQ, the selling shareholder, is wholly owned by the OIA, which expects to exit eight investments in 2023 to generate about $1.3 billion. A diversified oil and gas services firm, Abraj is the largest drilling contractor in Oman with a market share of almost 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 Chief Executive Saif Al Hamhami said. The company's return on equity was 13.6 percent in the first nine months of 2022, and it expects to pay a dividend of 85 percent of profit for last year, in 2023. Ahli Bank Oman, EFG Hermes UAE and National Bank of Oman are