In a world of highly volatile energy markets, climate change and energy insecurity, modern drilling technologies have a vital role to play in building a responsible global energy mix.Geopolitical tensions have caused the biggest disruption to energy security in a generation. That is only half the picture. To complicate things even further, drilling for oil is becoming a contested subject, too. Look no further than the United Kingdom. With winter blackouts a looming threat, the government reversed a 2019 ban on fracking only to reinstate the ban a few weeks later. The decision reflects similar sentiments in Germany, France and Spain.Whilst different debates have different subtle nuances, there is one common theme: underlying concerns about drilling. This is where energy firms can help. Talking to customers and communities about what they do, how modern drilling really works and explaining the benefits of smarter drilling innovations and the science driving the industry forward can lead to the reassurances needed.Read more
MUSCAT (WAF)- Abraj Energy Services (Abraj) has reported RO 125 million ($323mn) in revenues, and an 11.4% revenue compound annual growth rate (CAGR), Saif al-Hamhami, the newly-appointed CEO of the company told WAF News.About Abraj’s financial performance over the last three years, Al-Hamhami told WAF News that the company had demonstrated robust financial performance and resilience across economic cycles for over a decade. From 2019 to 2021, the company has delivered consecutive growth across all key metrics. Including an 11.4% increase in revenue CAGR, 17.9% gross profit CAGR (excl. depreciation), and 21.5% EBITDA CAGR in the same period. And last year, the company’s revenues stood at RO 125 million.“The mid-term outlook is equally as robust, with an order backlog of over RO 700 million (USD$1.8 billion), as of July 2022,” al-Hamhami added.The company, a wholly subsidiary of the state-owned OQ, is one of the assets to be privatised as part of the announced plan by Oman Investment Authority (OIA) earlier this year. Yet, Abraj’s privatisation has been part of the plan for at least five years. Even before the merger of Oman Oil Company and ORPIC in 2018, resulting in the consolidated group OQ in early 2019.The Omani executive kept the details about the anticipated IPO private, saying that “the possibility of a potential future listing was announced around the time of the MSX Roadshow. We are currently seeking the necessary regulatory approvals to undergo an Initial Public Offering and, as such, have appointed advisors,” without indicating whether the government will be selling a minority share or a majority share in the energy services company. Al-Hamhami said that further announcements will be made “as and when decisions have been made.”Al-Hamhami addressed the changes within Abraj over the last five years to make the company more attractive as an investment opportunity. “Research and development are key drivers of change in the company’s operational effectiveness, rising productivity and sustainability. This includes introducing technically advanced drilling units and investments in cementing services and well integrity technologies. These strategic developments have proven to deliver value for all the company’s stakeholders, with consistent financial results across multiple economic cycles and over a decade of revenue and profit growth,” he highlighted. The company is also implementing GHG Accounting as part of its decarbonisation efforts.Asked about Abraj’s expansion plans in Oman and other geographies, the company’s CEO told WAF that the company’s consistent year-over-year growth throughout market cycles – including during the collapse of crude oil prices during the pandemic – demonstrates the intrinsic resilience of its business model in the face of market fluctuations.“Consequently, Abraj looks ahead confidently to leveraging significant expansion opportunities in Oman and further afield. Future growth will emerge from several strategic priorities, including bringing additional rigs to market, expanding its offerings in well services and adding other major international oil and gas companies to its customer base,” he added.Beyond Oman, Abraj has ambitions to expand its services offering in the MENA region and is prequalified to provide various services in Kuwait, Saudi Arabia, and Algeria.
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.Read more
Abraj boss says oil fracking growing in popularity Oil and gas provides Omani government with 70% of annual budget Controversial technique has critics due to environmental impactOil fracking demand in Oman has proliferated in the last four years and is projected to increase further, a top executive at Abraj Energy Services has said.Hydraulic fracturing, or fracking as it is more commonly known, is a technique for extracting oil, natural gas, geothermal energy or water from shale rock deep underground. It involves drilling into the earth and then directing a high-pressure mixture of water, sand and chemicals into a rock layer to create cracks through which the oil, gas or water can move more freely. Critics say it can lead to water contamination and the triggering of earthquakes. Read more
September 07, 2022 – Muscat, Oman: Following the successful roll-out of its new brand identity, Abraj Energy Services (“Abraj”), a leading Omani oilfield and gas services company and a wholly owned subsidiary of OQ, participated in the Muscat Stock Exchange (MSX) Investor Roadshow that included potential IPO candidates. The company demonstrated to investors and key stakeholders its robust business model underpinned by strong financial and operational performance.The MSX Investor Roadshow emphasized the extensive reforms being implemented to boost the Sultanate’s capital markets and bolster its privatization efforts. Abraj’s newly appointed CEO Saif Al Hamhami was joined by Business Development Director Salah Al Harthy in presenting the company’s role as an Omani oilfield services champion to a group of local, regional and global investors.Al Hamhami said: “Through targeted investments and an experienced workforce, Abraj has grown into a leading Omani oilfield services company that is underpinned by strong financial performance, a modern drilling fleet and an unwavering commitment to providing clients with quality services. At Abraj, we promote consistently high standards of excellence and a culture of safety across our operations. Abraj is focused on strengthening its role as a quality oilfield services provider that enhances in-country value and seeks to develop more productive, efficient and greener services that contribute to the Sultanate’s sustainable economic growth.” Al Hamhami and Al Harthy highlighted that Abraj’s commitment to excellence has sustained the company’s robust financial standing, which is supported by stable, contracted income from a diversified blue-chip customer base. In 2021, the company generated $323 million in revenues and $121 million in EBITDA, which grew at 21% CAGR in the last 3 years. Al Hamhami and Al Harthy attribute this success to their experienced management team and dedicated workforce. Abraj’s team of experts is part of a strong base of more than 2,500 dedicated employees, 93% of which are Omani citizens.
Following Abraj Energy Services (“Abraj”) successful roll-out of its new brand identity, the company initiated “Project Estidama” to focus on key Environmental, Social, and Governance (“ESG”) focus areas. The project aims to define a comprehensive sustainability strategy and roadmap, and publish its inaugural Sustainability Report.. The decision to undertake this sustainability journey aligns with Oman’s Vision 2040 to focus on sustainable development. Abraj will engage employees and customers to conduct a thorough materiality analysis to define the ESG topics most important to the business and its stakeholders. The Sustainability Report will discuss these topics, as well as Abraj’s sustainability performance, short- and long-term sustainability plans, and ongoing commitment to environmental integrity, sustainable development, and social responsibility. During the kick-off meeting, Abraj’s CEO, Saif Al Hamhami, noted that “Project Estidama was recently initiated to support the Sultanate’s efforts towards diversification of its oil and gas business as well as embed a sustainability mindset across the drilling and well-services industry. With the partnership of a global group like Carnrite, we believe that the journey will be seamless and will elevate our environmental, social and governance performance.”‘’ Abraj have recently embarked a journey of rejuvenation our brand and business strategies. At the forefront of these strategies is the consolidation of our ESG efforts and the identification of new focus areas that can potentially reshape Abraj’s future business. Our cumulative knowledge, skills and expertise in the energy sector gives us a competitive advantage to lead the way in ESG. We are all confidence that along with our partner Carnrite Group, will be able to meet the expectations of our employees, customers ‘’ said Salah Al Harthy , Abraj’s Business Development Director . and shareholders .”To support this effort, Abraj is delighted to announce the partnership with Carnrite Group, a management consultancy with offices in the UAE, UK, and USA. Carnrite Group has recently acquired NETZERO Middle East, which strengthens Carnrite’s ability to help clients navigate the energy transition. Globally, Carnrite Group’s team of experienced consultants has helped clients calculate emissions, build low carbon businesses, implement carbon management software, and form, operationalise, and communicate sustainability strategies “We have partnered with leadership teams in all segments of the energy sector to address complex issues and opportunities throughout our thirty-year history. Abraj is committed to operating in a sustainable manner whilst generating value for its clients, shareholders, employees, and the community. We are pleased to support this sustainability journey and look forward to strengthening our partnership with their talented team.” said Ashley Taylor, General Manager, Middle East at Carnrite Group. Abraj’s Sustainability Report will be prepared in accordance with the Global Reporting Initiative (GRI) and guided by other global and local frameworks such as United Nations Sustainable Development Goals (UN SDGs), and Oman’s 2040 Vision. More specifically, Abraj is aligned with the Sultanate’s Second Nationally Determined Contribution, which was submitted to United Nations Framework Convention on Climate Change (UNFCCC), to consider investing in projects that supports the overall reduction of Oman’s GHG emissions by 2030 . The sustainability strategy will be communicated later this year, while the Sustainability Report is expected to be published in early 2023.
29 August 2022, Muscat, Oman: Abraj Energy Services (“Abraj"), a leading Omani oil and gas field services company and a fully owned subsidiary of OQ, today unveiled its new corporate brand identity, symbolizing a commitment to becoming one of the region's market leaders in high-quality drilling and well services. Abraj is a core entity in Oman's oil and gas services sector, providing a wide range of services including drilling and workover rigs as well as fracturing, cementing and coiled tubing services. The company features an advanced fleet of drilling rigs deploying innovative and best-in-class technology. Abraj employs over 2,000 highly qualified professionals with a 93% Omanization rate. While celebrating the company's history, the new bold and contemporary identity reflects Abraj's focus on modernization and innovation of its service offerings. The refreshed identity will be featured across Abraj's physical and digital assets. Commenting on the launch, Ayad Al Balushi, Chairman of Abraj, said: “Our transformation into a global brand reinforces a commitment to continue leading the charge in the drilling and oilfield services sector, serving our clients, shareholders and the Sultanate of Oman to the highest standard. It is amongst our foremost priorities to contribute to the Sultanate's sustainable economic development, which we look to foster through enhancing in-country value and exploring ways to make drilling practices greener and more efficient. Abraj's new brand identity is a visual manifestation of the company's bright, ambitious future, yet pays homage to the successes we have achieved thus far." The unveiling of the new brand takes place ahead of Abraj's participation in the upcoming Muscat Stock Exchange (MSX) roadshow, to be held from 5-6 September in Muscat. Abraj is currently reviewing the possibility of gaining a listing on the MSX, the timing and size of the potential transaction are under consideration and subject to necessary regulatory approvals.
28 August 2022, Muscat, Oman: Abraj Energy Services (“Abraj”), a leading Omani oil and gas field services company and a fully owned subsidiary of OQ, today unveiled its new corporate brand identity, symbolizing a commitment to becoming one of the region’s market leaders in high-quality drilling and well services.
Abraj is a systemic entity in Oman’s oil and gas services sector and provides a wide range of onshore services to key players in the region, including drilling rigs and workover services as well as fracturing, cementing and coiled tubing services. The company deploys innovative and best-in-class technology boasting an advanced fleets of drilling rigs in the GCC. Abraj also employs over 2,000 highly qualified professionals achieving a 93 percent Omanization rate.
While celebrating the company’s history, the new bold and contemporary identity reflects Abraj’s focus on modernization and innovation of its service offerings. The refreshed identity will be featured across Abraj’s physical and digital assets.
Commenting on the launch, Ayad Al Balushi, Chairman of Abraj, said: “Our transformation into a global brand reinforces a commitment to continue leading the charge in the drilling and oilfield sector, serving both our clients and the Sultanate of Oman to the highest standard. It is amongst our foremost priorities to contribute to the Sultanate’s sustainable economic development, which we look to foster through enhancing in-country value and exploring ways to make drilling practices greener and more efficient. Abraj’s new brand identity is a visual manifestation of the company’s bright, ambitious future, yet pays homage to the successes we have achieved thus far.”
Established in 2006, Abraj has successfully leveraged years of experience and made targeted investments to deliver comprehensive engineering solutions and integrated project management, while providing best-in-class services to a local and international client base. It has also invested in deploying emerging solutions, becoming the first MENA-based company to launch integrated fracking services and to pioneer the development of unconventional deep tight gas.The unveiling of the new brand takes place ahead of Abraj’s participation in the upcoming Muscat Stock Exchange (MSX) roadshow, to be held from 5-6 September in Muscat. Abraj is also currently reviewing the possibility of gaining a listing on the MSX, wherein the exact timing and size of the potential transaction are still under consideration and subject to necessary regulatory approvals.-Ends-About AbrajBased in Muscat, Oman, Abraj Energy Services SAOC (Abraj) was established in 2006 and currently leads the drilling sector in Oman with 29% market share. Backed by its longstanding, strategic shareholder, OQ, Abraj has successfully diversified their service offerings in drilling operations, well engineering solutions and integrated project management services. Abraj benefits from long-term contracts with leading national and international exploration and production companies. Abraj is known to invest and operate on transformative technologies and is well equipped to drive forward Oman’s energy transition through Energy 2.0.For more information on Abraj, visit our website www.abrajenergy.com
Part of Abraj Energy Services participation in the SPE International Hydraulic Fracturing Technology Conference and Exhibition which was held from January 11 to 13 at the Oman Convention and Exhibition Center
Part of Abraj Energy Services S.A.O.C Participation in the inauguration ceremony of (in country value book for the Oil and Gas sector ), which was held under his Excellency Nasser bin Khamis Al-Jashmi, Secretary General of the Ministry of Finance. The shield was received by Mr. Abbas Al-Ajmi, Director of Corporate Services.