PIF's unit commits to 20% of Oman’s Abraj Energy Services IPO

Logo of Abraj Energy Services

Oman's Abraj Energy Services (SACO) stated that Saudi Omani Investment Co., a wholly owned subsidiary of the Public Investment Fund (PIF), is one of the anchor investors in its initial public offering (IPO).

The investment firm is committed to subscribing to 20% of the offering at the maximum price of OMR 249 per share, totaling OMR 18.79 million.

In a statement, Abraj said it will offer 377.40 million shares or 49% of its capital. Saudi Omani Investment will subscribe to around 75.48 million shares, while the Royal Court Affairs will subscribe to 10%, or nearly 37.74 million shares, of the offering at a total value of OMR 9.40 million.

Schlumberger Oman & Co. will purchase nearly 37.74 million shares, representing 10% of the offering, at a total value of OMR 9.40 million.

Abraj is a wholly owned subsidiary of Oman’s global integrated energy group OQ. It was established in 2006 as a provider of onshore drilling and well services in Oman.