Company Profile

Company overview

The Group core activities consist of the following key segments Onshore segment which includes provision of drilling and related services through onshore rigs. Onshore drilling is a mechanical process where a well is drilled on land through underlying bedrock utilizing a stationary land rig to explore for and extract oil or natural gas operating in the Kingdom. The Group onshore fleet ranges from medium to ultra heavy rigs capable of handling complicated horizontal drilling operations and working in harsh environments such as in the Middle East. As part of this segment the Group also provides rig move services mobilization catering manpower and other services offshore segment which includes provision of drilling and related services through offshore rigs. The Group offshore drilling services include ultra heavy duty jack up rigs outfitted with high specification equipment, capable of drilling in water depth up to 375 feet 115 meters. In the offshore segment, the Group mainly operates on the shores off the Eastern coast of the Kingdom and the Neutral Zone. The Group also operates a self-propelled MPSV, providing well intervention and well testing services for its customers. As part of this segment, the Group also provides rig move services mobilization catering manpower and other services.

Company History

As estimated by the Market Consultant, Arabian Drilling and together with its wholly-owned Saudi Arabian subsidiary, Ofsat Arabia LLC was the largest drilling rig contractor in the Kingdom in terms of its available rig fleet size, with 45 rigs as of the date of this Prospectus in the Kingdom and the Saudi Arabia-Kuwait Neutral Zone comprising of 38 onshore and seven offshore rigs including one multi-purpose service vessel and excluding one offshore rig held for sale. The Group increased its fleet size in the last five years from 35 as of 31 December 2017G to 45 as of 31 December 2021G. In particular, the Group was able to mobilize and operate 16 rigs both newly acquired rigs and upgraded rigs within one year of acquisition in 2018G. As of 31 December 2021G, 37 of the 45 rigs 31 onshore and six offshore were contracted and utilised, with eight other rigs not in operation of which three were contracted but temporarily suspended, one was contracted but has yet to commence operations, four were uncontracted and idle. As of the date of this Prospectus, three onshore rigs have resumed drilling operations between January and June 2022G and another offshore rig has resumed drilling operations in April 2022G.

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Equity Profile

Investment limits

There are no restrictions on the company shares as stated in both the rules regulating qualified foreign financial institutions investment in listed securities and the instructions regulating foreign strategic investors ownership of strategic stakes in listed companies in accordance with the company articles of association and instructions issued by the supervisory and supervisory authorities to which the company is subject