Logo of Arabian Drilling Co. (ADC)
Arabian Drilling Co. will begin trading on the Saudi Exchange (Tadawul) today, Nov. 7, under the energy services sector, with the symbol 2381 and ISIN Code: SA15L1I156H7.
The daily and static price fluctuation limits of +/-30% and +/-10%, respectively, will be applied during the first three days of the listing.
These fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10% and the static price fluctuation limits will no longer apply.
This will be the 11th listing on the main market in 2022, following Elm Co., East Pipes Integrated Company for Industry, Scientific & Medical Equipment House Co., Al-Dawaa Medical Services Co., Nahdi Medical Company, Al Masane Al Kobra Mining Co. (AMAK), Saudi Home Loans Co., Retal Urban Development Co. and Alamar Foods
Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. (March 1), Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), solutions (Sept. 30), International Company for Power and Water Projects (ACWA Power) (Oct. 11), Arabian Contracting Services Co. (Al Arabia) (Nov. 15), Nayifat Finance Co. (Nov. 22), Saudi Tadawul Group (Dec. 8) and Almunajem Foods Co. (Dec. 20).
The company's listing will bring the total number of Tadawul-listed companies to 200, excluding 17 REITs.
The company offered 26.7 million shares, or 30% of its capital, on the main market, at SAR 100 per share, of which 90% was allocated to the participating parties and 10% to individual investors, according to data available with Argaam.
The retail subscription was covered by 816.45%, with the value of placed orders totaling SAR 2.18 billion.
Each retail investor received a minimum of five shares, while the remaining shares will be allocated on pro rata, based on the demand size of every subscriber to total shares. The allotment ratio stood at 0.9534%.
Company Profile
Arabian Drilling Co. is a closed joint-stock company, established as a joint venture in 1964. It is headquartered in Al-Khobar city.
The company's activities consist of the following:
- Drilling of oil fields
- Drilling of natural gas fields
- Services related to oil extraction (except surveying services)
- Services related to natural gas extraction (except surveying services)
- Drilling of tubular water wells
- Drilling of manual water wells
The company operates in two segments: onshore segment, which includes drilling and related services through onshore rigs, and offshore segment, which includes drilling and related services through offshore rigs.
Arabian Drilling is the largest drilling rig contractor in the Kingdom in terms of the size of its available drilling rig fleet. The group’s fleet includes 45 rigs in Saudi Arabia and the Saudi-Kuwaiti neutral zone, 38 of which are onshore drilling rigs, and seven offshore drilling rigs, geographically distributed as follows:
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Geographical Locations of the Group's Drilling Rigs |
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Region |
Number of Rigs |
|
Eastern Province |
35 |
|
Riyad |
3 |
|
Al-Khafji |
7 |
Arabian Drilling has one wholly-owned subsidiary, Arabian Offset Co., a limited liability company registered in Al-Khobar city.
The market share of the group (the company with its subsidiary) is estimated at 19% for onshore operations and 12% for offshore operations, which represents a combined market share of 17% for onshore and offshore operations out of the total operations available in the Kingdom and the neutral zone, which amount to 261 rigs.
The company has nine owned properties in Al-Khobar and Al-Khafji, and four other properties are rented.
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Company Profile |
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Company |
Arabian Drilling Co. |
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Market |
Saudi Exchange (Tadawul) |
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Core Activities |
Oil field services |
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Capital |
SAR 890 mln |
|
Number of Shares |
89 mln |
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Major Shareholders |
|||
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Shareholders |
Post-IPO |
||
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Number of Shares (mln) |
Ownership (%) |
||
|
Industrialization & Energy Services Company (TAQA) |
31.77 |
35.7% |
|
|
Services Pétroliers Schlumberger S.A. |
30.53 |
34.3% |
|
|
Public |
26.70 |
30% |
|
|
Total |
89.00 |
100% |
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