Logo of Arabian Drilling Co.
The Capital Market Authority (CMA) approved today, June 29, the application filed by Arabian Drilling Co. to float 26.7 million shares in an initial public offering (IPO) on Saudi Exchange (Tadawul).
The planned stake sale represents 30% of the company’s 89 million shares, the market regulator said in a statement.
The company's prospectus will be published within sufficient time prior to the start of the subscription period.
The application approval will be valid for six months from the CMA’s board resolution date. Accordingly, this approval will be deemed cancelled if the target listing is not completed within this period, the CMA added.
Arabian Drilling was established in 1964 as a limited liability company, with Industrialization and Energy Services Company (TAQA) owning 51% of its shares and Schlumberger holding the remaining shares, according to data available with Argaam.
The company owns and operates a fleet of 45 onshore and offshore drilling rigs, including equipment capable of drilling from 375 feet below sea level, and multi-purpose self-propelled service vessels to intervene and test wells.
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