Saudi Arabia’s Arabian Drilling on 18 September announced plans to float 30% of the firm on the Tadawul exchange. The firm hopes to capitalize on improved market sentiment, and will use funds raised in the IPO to re-invest in expanding its operations. Arabian Drilling’s core appeal is its market-leading presence in Saudi Arabia, where it is well placed to capitalize on Saudi Aramco’s aggressive expansion work.
“With nearly sixty years of continuous operations, Arabian Drilling has played a pivotal role in positioning the Kingdom as a resilient, reliable global supplier of affordable energy,” says Chairman Khalid Nouh in announcing the IPO, adding that “the past 12 months have been transformational to the Company’s journey towards exponential growth.” (CONTINUED - 927 WORDS)
