Schlumberger-backed Arabian Drilling plans for Saudi IPO

The firm may complete a deal on Saudi stock exchange (Tadawul) before the end of the year. (Shutterstock)

• Arabian Drilling is also owned by Saudi Arabia’s Industrialization & Energy Services Company (Taqa)

RIYADH: Arabian Drilling Co., a Saudi oilfield-services company partly held by Schlumberger , is preparing an initial public offering (IPO) that could give it a valuation of around $2 billion, according to people familiar with the matter, Bloomberg reported.
Arabian Drilling, also owned by Saudi Arabia’s Industrialization & Energy Services Company (Taqa), has asked banks to pitch for a role on the potential share sale, the people said.
The firm may complete a deal on Saudi stock exchange (Tadawul) before the end of the year, but no decisions have been finalized so far and the owners may decide against an IPO, the people said.
The company was founded in 1964 and Saudi Aramco, the Kingdom’s state energy producer, is among its main customers.
Arabian Drilling did not respond to requests for comment.