Muscat: Abraj Energy Services is currently seeking the necessary regulatory approvals to undergo an Initial Public Offering (IPO) and as such has appointed advisors, the CEO of the company said.
“The possibility of a potential future listing was recently announced around the time of the MSX Roadshow and further announcements will be made to update our stakeholders as and when decisions have been made, Saif Al Hamhami, the CEO of the company said in an exclusive interview with the Times of Oman.
Abraj currently drills an average of 239 wells per year and provides workover, integrated fracking, cementing and coiled tubing services to its diverse customer base in Oman.
“The ongoing growth in the Oman market allows Abraj to continue its growth trajectory. In addition, the company is preparing to expand its services offering internationally in the Middle East and North Africa (Mena) region,” he said.
Elaborating on the journey of the company, the CEO said that Abraj was founded in 2006 to provide a range of essential drilling and well services to oil and gas operators.
The company is a wholly owned subsidiary of OQ, Oman’s integrated energy company. Highlighting the company’s financial performance, Abraj’s CEO said that the company has achieved consistent strong financial performance through market cycles, with more than a decade of profitable growth.
“The company has an order backlog of over OMR700 million ($1.8 billion), equivalent to more than 5 years of revenue and in 2021 Abraj’s revenue was OMR125 million ($323 million), while the earnings before interest, taxes, depreciation, and amortisation (EBITDA) was OMR47 million ($121 million).
The company has a strong management team, an experienced board, 2,500 qualified professional employees and best-in-class infrastructure.