Saudi Arabia's State Fund Hires Banks for IPO of ADES, Sources say

Hadeel Al Sayegh
Monday, November 21, 2022

Saudi Arabia's sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public.

The Public Investment Fund (PIF) has selected JPMorgan, Goldman Sachs, Saudi National Bank's investment banking arm and Egypt-based EFG Hermes as joint lead managers, the sources said. 

The PIF, EFG Hermes and Saudi National Bank did not immediately respond to requests for comment when contacted by Reuters on Monday. 

JPMorgan and Goldman Sachs declined to comment.

ADES International listed on the London Stock Exchange in 2017. Last year, the PIF partnered with the firm's major shareholders ADES Investments Holding and Zamil Group Investment Co to take it private. 



The deal valued ADES at $516 million at the time. 

ADES counts state oil giant Saudi Aramco and Kuwait Oil Co as its clients, as well as joint ventures of national oil companies with global majors including BP and Eni, according to information on its website. 

It has a fleet of 84 onshore and offshore rigs across six  markets: Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, and Tunisia.

The PIF, which has over $600 billion in assets, has been selling down some of its stakes in companies it owns to recycle capital for new investments.

Earlier this month, it raised $610 million from selling a 10% stake in Saudi Tadawul Group, the listed owner and operator of the kingdom's stock exchange, via an accelerated bookbuild offering. 

 (Reuters - Reporting by Hadeel Al Sayegh; editing by Jason Neely)

Categories: Middle East Drilling Industry News Activity Drilling Rigs

Related Stories

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Current News

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com