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Welcome to Abraj’s Initial Public Offering (IPO)

Overview of IPO

Abraj: Supporting Oman’s energy development through sustainable well and drilling services
Abraj Energy Services S.A.O.G.(“Abraj”, or “the Company”) was established as a closed joint stock company in 2006. Abraj is 100 per cent indirectly owned by OQ S.A.O.C.
On the 22nd of January 2023, Abraj announced its intention to float up to 49 per cent of its total issued share capital on the Muscat Stock Exchange ("MSX"), which will result in OQ S.A.O.C. continuing to indirectly own at least 51 per cent of the capital of Abraj (the “Offering”).
The IPO is a strategic step to further bolster Oman’s capital markets, boost private sector contribution to GDP, enhance the economy’s competitiveness, and attract foreign direct investments. This website contains information about Abraj, the planned listing and how you can subscribe to the offering.

Oman’s energy industry continues to play a vital role in the nation’s transformation under the visionary leadership of His Majesty Sultan Haitham Bin Tarik. Abraj has been integral to this journey in delivering on its responsibility to provide quality and reliable services for its clients, shareholders, the communities it serves, the wider energy landscape and the Omani economy.
The Company’s ability to do so has been built upon a record of sustained growth and innovation, establishing itself as the market leader in Oman’s onshore drilling services industry, and its  strong financial performance.
As we look to the future, continuous improvement is fundamental to Abraj’s operations, and it fills me with pride to announce Abraj’s intention to float on the Muscat Stock Exchange.
The Offering comes at a critical moment in Oman’s history. It is indicative of Oman’s outward-facing, modern economy, providing opportunities for foreign investment that is fundamental to the country’s ability to build an even brighter future. 
Abraj will play a crucial role in developing this future. Through innovation, research and development, the Company will seek to leverage its advanced drilling capabilities to capitalise on the MENA region’s ability to meet the world’s demand for oil and natural gas. Abraj is dedicated to ensuring that this long-term journey is one of responsible growth.
Abraj’s Board, management, and highly trained employees are committed to upholding our high standard of operations and are ready to provide value to our shareholders with an ambition of delivering consistent, strong returns.
The Abraj IPO is a moment to celebrate the Company’s historic successes while preparing for an ambitious future that’s focused on modernisation, innovation, and a commitment to excellence.

Ayad Al Balushi
Board Chairman | Abraj

About Abraj

Abraj is Founded in 2006, the Company was established as an onshore drilling and well services provider. Over the years, with targeted investment in technology and a focus on modernisation, Abraj has grown to become the leader in Oman’s onshore drilling services market by the number of contracted operating drilling rigs2 . Today its fleet of technologically advanced rigs services long-term contracts with leading national and international exploration and production companies.
Assets and innovation
Abraj provides a comprehensive range of drilling, workover and well services. The drilling rigs are integrated systems used to drill new onshore oil and gas wells while the workover rigs are used to maintain, restore, and reinstate the integrity of existing wells. Abraj also provides a diverse portfolio of oil and gas well services through three business lines, namely hydraulic fracturing, cementing and coiled tubing. Abraj operates one of the youngest and most modern drilling fleets in the MENA region. Abraj is well positioned versus its regional competitors in terms of average power ratings; and the Company believes it superior horsepower capabilities will facilitate regional expansion while the presence of lower horsepower capabilities helps with the local Omani market.
Responsible growth
Abraj has a strong management team, an experienced Board, more than 2,500 qualified professional employees and robust infrastructure. With its unwavering commitment to delivering high-quality services in a safe and efficient manner, the Company focuses on enhancing in-country value and contributing to the Sultanate’s sustainable economic growth. Underpinning every innovation at Abraj has been its continuous focus on strengthening its HSEQ policies. The Company has established a robust and comprehensive ESG framework to deliver responsible growth.
Looking to future growth, Abraj is pre-qualified in four other countries - Algeria, India, KSA and, Kuwait to conduct certain services, setting the stage for international expansion. Building on these pre-qualifications, the Company has recently signed a contract to provide rigs for an oil field services project with Saudi Arabian Chevron Inc. and Kuwait Gulf Oil Company (K.S.C.) in the Wafra region of the Saudi Arabian-Kuwaiti neutral zone.  

2As of 30 June 2022
Abraj At A Glance
Leading Market Position
25Drilling Rigs 5Workover Rigs

Leading Market Position
29% 2022 Drilling market share by number of contracted onshore drilling rigs3​
Leading Market Position
8.6 years Drilling rigs average age4 ​12.4 years Workover rigs average age5
Leading Market Position
99.8% Contracted Dril​​ling Rig​ Utilisation10 100% Workover Utilisation11​​​
Operational Excellence
250 Average annual wells drilled per year between​ 2019 – 20​22

Operational Excellence
6000+ km Drilling dista​nce since 2007
Operational Excellence
1.84% NPT6 0.37 LTIF7 1.61 TR​CF​8​
Operational Excellence
+2500 Employees
Robust Financial Performance
RO 0.6 bn (USD 1.5 bn) Worth of order backlog for the years 2023 through 2031 as at 30 September 2022, equivalent to more than the last five full years of revenue​
Robust Financial Performance
RO 125 (USD 323 mn) Revenue (2021A) 23% CAGR (2007​​-2021A)​
Robust Financial Performance
RO 46.8 mn Adjusted EBITDA9​(2021A) RO 18.4 mn Net Profit (2021A)​
Robust Financial Performance
RO 90.48 mn Net Debt (2021A) 1.9x Net Debt/Adjusted EBITDA (2021A)
3 As measured by the number of contracted operating drilling rigs in Q2 2022. 4 As at 31 December 2022. 5 As at 31 December 2022. 6 Non-productive time is calculated as actual non-productive hours / Cumulative rig hours (2021A). 7 Lost Time Injury Frequency (2021A). 8 Total Recordable Case Frequency (2021A). 9 Adjusted EBITDA was calculated as earnings for the period before interest, tax, depreciation and amortisation excluding effect of other expenses, other income, ECL reversal on trade receivables and impairment reversal/(loss) of fixed asset. 10 Number of operating rig months divided by total available rig months (As at 31 December 2022). 11 Number of operating rig months divided by total available rig months (As at 31 December 2022).


As part of its strategic focus on delivering long-term, responsible growth, the Company is strongly committed to environmental, social and governance (ESG) principles. As the leading onshore drilling services provider in Oman by number of contracted onshore drilling rigs, Abraj is cognizant of its responsibility to encourage sustainable practices in its policies, operations, and communities. Examples of the Company’s work in delivering on its ESG principles are as follows:
  • Abraj has demonstrated a strong safety record, striving to achieve an incident-free record for people and the environment supported by ISO 9001 & API Q2 (Quality Management Systems) and ISO 14001 (Environmental Management Systems), and ISO 45001 (Occupational Health & Safety Management System) certifications, audited regularly by third parties.
  • The OPAL award-winning Abraj Continuous Improvement (‘CI’) programme has delivered numerous business benefits, including saving 1.8 million litres of diesel (5,000 tonnes of CO2e) annually from eight rigs.
  • Abraj has introduced and implemented new technologies to Oman’s oil and gas industry such as semi-automated rigs, and Abraj Eyes (the live streaming rig safety CCTV solution), with several safety improvements achieved.
  • The Abraj safety at work culture extends to both workplace and environmental safety, and is reinforced by executives and management.
  • Abraj’s employees includes 25 nationalities, with Omanis making up 93% of the workforce, exceeding the country’s Omanisation targets.
  • A comprehensive competency system (Kafa’a) has been developed to support employee assessment, development, and career progression.
  • In line with the Sultanate’s in-country value program, Abraj supports Omani businesses, having contributed over US$50 million of in-country value since 2020.
  • Sourcing of “made in Oman” goods and services takes a priority in the Company’s procurement processes and Abraj acquires the majority of services from local companies
  • Abraj recognises its responsibilities to community and national stakeholders through its Corporate Social Responsibility activities, including by supporting relief following the Shaheen cyclone, and promoting health initiatives (including during the Covid-19 pandemic). In recent years Abraj has allocated over US$400,000 to these efforts.
  • Abraj has appointed a competent and diverse board with expertise in governance, finance, the oil & gas industry and capital markets.
  • The Abraj Board of Directors reviews and approves all policies, including the Corporate Governance Manual, Manual of Authorities, Code of Business Conduct (Anti-Corruption and Bribery Policy, including Whistleblowing), Anti-Fraud Policy and Procurement Policy.
  • Abraj has committed to preparing its first Sustainability Report, encompassing material topics across environment, social, and governance dimensions in line with international standards.

Corporate Governance Code

The Company is governed by a comprehensive framework of internal regulations for regulating its management, business and personnel affairs through its Board. The Company is also subject to and is managed in full alignment with Omani laws, including, the Capital Market Authority’s (CMA) Regulations for Public Joint Stock Companies (Decision No. 27/2021) and the Code of Corporate Governance for Public Joint Stock Companies. 
Investments Highlights
Leading domestic position with strong growth opportunities complemented by regional expansion opportunities
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    Robust financial performance characterized by strong growth, margins and cash flow generation capabilities
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      Oman’s leading provider of essential oilfield services with long standing history of resilient growth
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        Oman is a key regional market with favourable industry drivers
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          Abraj operates one of the youngest rig fleets in the MENA region
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            Abraj caters to a diverse client base with long-term recurring contracts resulting in high revenue visibility
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              Abraj benefits from high barriers to entry in Oman
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                A strong health, safety and environment culture
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                  A highly experienced management team coupled with a committed shareholder base
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                    IPO Timeline
                    1. Intention to Float Announcement
                    2. Publication of Prospectus & Price Range Announcement
                    3. Opening of Category I Offer (large investors)
                    4. Opening of Category II Offer (small investors)
                    5. Closing of Category || Offer (small investors)
                    6. Closing of Category | Offer (large investors)
                    7. Announcement of Final Offer Price
                    8. Settlement Date
                    9. Refund of excess subscription amounts (if any)
                    10. Listing Date
                    Key Documents
                    Abraj announces intention to float on MSX-Arabic
                    Abraj announces intention to float on MSX-English
                    Offer Notice-English
                    Offer Notice-Arabic
                    Abraj IPO Prospectus English
                    Abraj IPO Prospectus Arabic
                    (Abraj IPO Booklet – Category II)Arabic and English
                    Share Allocation Announcement on MSX
                    How To Subscribe

                    Make an informed decision.

                    • Read the Prospectus to get more information about the Company, its initial public offering, and who is eligible to participate in the Offer.
                    • Consult your legal, business, financial or tax adviser(s) for legal, business, financial or tax advice applicable to an investment in the Shares


                    Make sure you have an account at the MCDC.

                    • If you don’t have an investor account or a corresponding investor number with Muscat Clearing and Depository Company S.A.O.C. (MCDC); you may apply to obtain an investor number and open an account by completing the ‘MCDC Application’.
                    • This may be obtained from the MCDC’s Head Office or its website at, or from brokerage companies licensed by the CMA. The completed form may then be submitted by you through any of the following channels:
                      • At the head office of the MCDC, at P.O. Box 952, Postal Code 112, Ruwi, Muscat, Sultanate of Oman;
                      • At the office of any brokerage company licensed by the CMA;
                      • Via facsimile to MCDC at +968 24817491; and
                      • By opening an account through the MCDC website at
                    • Remember that all your investments shall be registered in this account.


                    Subscribe to the Offering.

                    • If you have decided that you would like to invest, subscribe to the Offering by placing an application with one of the Collection Agents.
                    • Each Collection Agent will have its own channels, but they typically include the online website, a branch or through your bank relationship manager.


                    Allocation of shares.

                    • Once shares are allocated, you may or may not receive the full allocation of your order.​
                    • Any excess amounts paid pursuant to your application for shares will be refunded to you.

                    Established in 2006, Abraj has grown to become Oman’s leading provider of onshore drilling and well services and a national champion in its sector, with a history of growth. Through its two business verticals, (i) Drilling and Workover Services and (ii) Well Services, the Company provides a wide range of complementary onshore oil and gas field services. The Company’s vision is to be the market-leading provider of oil and gas field services in Oman, as well as one of the leading providers of these services in the region.

                    • Currently Abraj operates in Oman and is an established market leader in the Sultanate’s drilling and well services sector. It aims to establish a market position in the broader MENA region by seeking opportunities where the Company already has pre-qualifications. The Company has received a letter of award and agreed preliminary terms to provide rigs for an oil field services project in the GCC.

                    The Company’s competitive strengths include the following:
                    • Leading onshore oil and gas field services provider in Oma​n, with a wide service offering including drilling, w​orkover and well services.
                    • Favourable market and sector fundamentals.
                    • A well-invested fleet of modern, built-for-purpose rigs.
                    • Revenue visibility, which reflects long-standing relationships with a diverse customer base that drives a healthy backlog with a long contract duration.
                    • A business that benefits from high barriers to entry in Oman.
                    • A track record of robust Financial Performance with a strong balance sheet characterized by strong growth, margins and cash flow generation capabilities.
                    • A strong health, safety and environment culture.
                    • A highly experienced management team with a proven track record of growing the business and creating value, coupled with a committed shareholder base.

                    The management team is comprised of an experienced bench of individuals familiar with the Company and the drilling sector. The management team unites several decades of experience, including at other leading Omani NOCs and international companies, providing stable leadership as the Company has cemented its reputation as a leader in the Omani oil and gas field services market.

                    Additionally, the Company’s shareholder, OQ, has consistently offered support to develop the Company while maintaining an arm’s length relationship, which has been critical to positioning the Company as a leading Omani onshore oil field services provider.
                    Abraj is 100 per cent indirectly owned by OQ S.A.O.C., which is the selling shareholder.
                    Abraj has announced its Intention to Float on the Muscat Stock Exchange (the “MSX”). The shares of the Company will be listed on the MSX in accordance with the laws and procedures that are in force on the date application is made for the listing and registration.
                    Abraj boasts strong revenue - RO 125mn ($323mn) from contracts with customers for the year ended 31 December 2021 with a CAGR of 23 per cent from 2007 to 2021, supported by increased drilling rigs. Abraj has a strong balance sheet and cash conversion, enabling attractive shareholder returns. Abraj’s return on equity was 13.6 per cent in the first nine months of 2022.
                    WHAT IS ABRAJ’S GROWTH STRATEGY?
                    Abraj has a dominant domestic position with strong growth opportunities complemented by pre-qualifications for regional expansion
                    • Significant opportunity for increase in domestic drilling activit​y driven by expected increased presence from international operators and higher focus on gas production.
                    • Additional opportunities from replacement of old rigs (c. 40% of Omani rig fleet older than 15 years age) in local market.
                    • Solid growth potential within domestic well services segment, which is expected to be boosted by drilling of new complex wells.
                    Establishing a market position in the MENA region by seeking to capture opportunities where the Company already has pre-qualifications, with a particular focus on Kuwait.
                    The Company is committed to highest standards of quality, operational excellence and safety:
                    • It is focused on creating an incident free work environment aligned with global ISO benchmarks.
                    • It is one of the first companies in Oman to have received the API Q2 quality compliance certification for drilling, workover and cementing.
                    The Company is recognises its responsibility to ESG principles:
                    • Abraj is developing a GHG assessment and monitoring system and a sustainability roadmap and strategy.
                    • It has an experienced board of directors (including  audit and risk, and nomination and remuneration committees) and management team. Several senior management members have been with the Company for over 5 years.​

                    The Offering will be open to Omani and non-Omani individuals and juristic persons who have their accounts with MCDC. All individuals​​​ and juristic persons who are nationals of or registered in (as applicable) the countries comprising the Gulf Cooperation Council are treated as Omani individuals and juristic persons for the purpose of owning shares in Omani public joint stock companies.
                    No single person shall by themself, or through a related person up to the second degree, hold or purchase ten per cent. or more of the Offer size, except with the explicit written approval of the CMA as per the applicable regulations.

                    The following persons shall not be permitted to subscribe to the Offering:
                    • Sole proprietorship establishments: The owners of sole proprietorship establishments may only submit applications in their personal names.
                    • Trust accounts: Customers registered under trust accounts may only submit applications in their personal names (except as detailed below).
                    • Trust accounts: Customers registered under trust accounts may only submit applications in their personal names (except as detailed below).
                    • Joint Applications: Applicants may not submit applications in the name of more than one individual (including on behalf of legal heirs).
                    • Related Parties: The related parties of the Company may not participate in the Phase I (institutional​) Offer of the IPO, except where such relationship is due to common shareholding or control exercised by the administrative apparatuses of the Government.
                    All such Applications will be rejected without contacting the Applicant. As an exception, the Applications by the Trust Accounts may be accepted in the Offer, at the discretion of the Joint Global Coordinators, if the Collection Agent is satisfied that none of the underlying subscribers applying through such Trust Accounts have also applied through their names or their personal establishments. The Joint Global Coordinators may reject such Application if they become aware that there are multiple applications from such investors applying through Trust Accounts
                    Please visit the dedicated ‘How to Subscribe’ section on the Abraj IPO microsite for information around how to apply for shares through the Collection Agents.
                    Please contact your broker or the MCDC to confirm that your records with them are up to date and no further information is required by them to permit you to subscribe to the Offering. For the purpose of applying for the shares in the Offering, you will be required to complete an application form which is available from the Collection Agents, your broker or MCDC.
                    Details of the collection agents and the subscription process will be made available upon publication of the offer notice. ​
                    WHAT IS ABRAJ’S DIVIDEND POLICY?

                    The Company proposes to pay yearly dividends, subject to debt repayments and covenants, working capital requirements, operational expenditure obligations, growth plans and the necessary approvals.

                    In 2023, the Company intends to pay a dividend of OMR 15.4 million for the year ended 31 December 2022, or Bzs 20 per share.

                    In 2024, the Company intends to pay a dividend which is the higher of 85 per cent. of net profit for 2023 or a six per cent increase on the dividend paid in 2023.

                    In 2025, the Company intends to pay a dividend which is the higher of 85 per cent of net profit for 2024 or a six per cent increase on the dividend paid in 2024.


                    The Offering represents up to 49 per cent of the share capital of the Company being offered for public consumption. ​
                    The Issue Managers will arrange to allot the Offer Shares to the Applicants within [15] days after the end of the Offer Period after receiving the approval of the CMA on the basis of allotment. The Issue Managers will also refund any excess money to the respective Applicants within [15] days after the end of the Offer Period and after receiving the approval of the CMA. The Issue Managers will arrange to send allotment letters to the applicants who have been allotted Shares through MCDC as per the addresses registered with the MCDC.
                    Media Enquiries
                    FTI Consulting
                    Ajith Henry, Senior Director - Head of Financial Services and Capital Markets:
                    Muscat Stock Exchange
                    Muscat Stock Exchange Stock Exchange، OM, Al Jami St, Muscat 112, Oman
                    Issue Managers
                    Ahli Bank S.A.O.G.
                    P.O Box 545, PC 116, Mina al Fahal, Muscat Sultanate of Oman
                    EFG-Hermes UAE Limited
                    301, The Exchange, DIFC, P.O. Box 30727 Dubai United Arab Emirates
                    National Bank of Oman S.A.O.G.
                    PO Box: 751, PC: 112, Ruwi, Muscat, Sultanate of Oman