Arabian Drilling CEO says 50% of contracts sealed with Saudi Aramco, retail offering to start on Oct. 18

Ghassan Mirdad, CEO of Arabian Drilling Co. (ADC)

Ghassan Mirdad, CEO of Arabian Drilling Co. (ADC), said nearly 50% of the company's contracts were concluded with Saudi Aramco.

The remaining contracts were signed with Al Khafji Joint Operations in the Saudi Arabian–Kuwaiti neutral zone, as well as Schlumberger, Mirdad told Al Arabiya TV, adding that the firm has a new client, Baker Hughes.

The retail subscription is expected to last two days, starting from Oct. 18. The listing will likely take place in the first week of November.

The top executive, however, noted that the price range has not been determined yet.

HSBC Saudi Arabia, Goldman Sachs Saudi Arabia and SNB Capital, in their capacity as the IPO financial advisors, bookrunners and underwriters, said ADC plans to proceed with its plan to list its ordinary shares on the Saudi Exchange (Tadawul), according to data available with Argaam.

The offering will include selling 19.89% of the company’s existing shares and issuing new shares at 10.11% of the post-listing capital.

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