OQ drilling unit picks National Bank of Oman, Ahli Bank to advise on IPO

167
1
OQ drilling unit picks National Bank of Oman, Ahli Bank to advise on IPO

The drilling unit of Oman energy firm OQ SAOC has picked EFG Hermes Holding Co. National Bank of Oman and Ahli Bank of Oman to advise on its initial public offering.

Abraj Energy Services SAOC is seeking regulatory approvals for the share sale, according to an emailed statement to Bloomberg.

The offer could raise as much as $500 million and may happen in the first quarter of 2023, but the timing may change, people familiar with the matter said, asking not to be identified as the information isn't public.

Abraj Energy will update stakeholders once it has made a decision about the size of the IPO.

The share sale is part of Oman's plan to list state owned companies and revive its stock market. The Sultanate is joining its energy-rich Gulf neighbors to sell assets to fund the diversification of their economies. OQ s gas pipelines unit is preparing for a potential dual listing in Muscat and Riyadh.

Oman pumps around 1 million barrels of oil a day. It is not a member of the Organization of Petroleum Exporting Countries, but it is part of the wider OPEC alliance. The country recorded a budget surplus in the first half of the year due to higher oil prices.

Abraj Energy was founded in 2006 and owns about 20 land rigs, according to its website.

None of this is what life s like in the world strictest Covid Zero City?