Tuesday, May 4th, 2021

Schlumberger-backed Arabia drilling planning Saudi IPO

Tuesday, 04 May 2021 | 3:27 am | 82 times

Schlumberger-backed Arabia drilling planning Saudi IPO

According to people familiar with the matter, Arabia Drilling Co., a Saudi oilfield-service company partly held by Schlumberger NV, is preparing a preliminary public offer that could cost it about $2 billion, according to people familiar with the matter.

The company, which is owned by Saudi Arabia’s Industrialization & Energy Services Company, also known as Taka, has asked banks to play a role in selling potential shares, people said, asking not to identify the information privately.

They said Arab drilling could complete a deal on the Riyadh stock exchange before the end of the year. No decision has been finalized and the owners may decide against an IPO, the public said.

The company was founded in 1964 and counts Saudi Aramco, the state’s state power producer, as one of its main customers. Arabian Drilling did not respond to a request for comment.


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