Arabian Drilling Co. - ARABIANDRILLING

Activities

Arabian Drilling Co. is an award-winning onshore and offshore gas and oil rig drilling company based in Saudi Arabia with six decades of proven experience. The company and its wholly owned subsidiary, Ofsat Arabia LLC are principally engaged in the drilling of oil and natural gas wells, operations, maintenance and hauling of rigs and related activities. The Company is a Saudi Joint Stock Company licensed under foreign investment license number 2031047241 issued by the Ministry of Investment on 18 Dhu-al-Hijja 1424H (corresponding to 13 December 2003) and operating under commercial registration number 2051026089 issued in Dammam on 3 Safar 1423H (corresponding to 16 April 2002). During 2021, the Board of Directors of the Company recommended to shareholders to initiate legal formalities to file for an Initial Public Offering ("IPO Application") with the relevant regulatory authorities in the Kingdom of Saudi Arabia. On 29 June 2022, the Capital Market Authority (CMA) approved the application filed by the Company to float 26,700,000 ordinary shares in an Initial Public Offering (IPO) on Saudi Stock Exchange (Tadawul). The planned stake sale represented 30% of the Company's total shares post listing. On 18 September 2022, the Company announced its intention to proceed with the initial public offering and listing of its ordinary shares, where offering comprises a sale of:

1) 17,700,000 shares by way of offer for sale by the existing shareholders of the Company; and
2) issuance of 9,000,000 new shares.

On 18 October 2022, the Company announced commencement of retail subscription period until 20 October 2022 at an offer price of Saudi Riyals 100 per share. Allotment of shares to new shareholders completed on 3 November 2022 and trading of the Company's ordinary shares commenced in Saudi Stock Exchange "Tadawul" on 7 November 2022. This resulted in a free float of 30% of the Company's share capital post listing.