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Saudi Oil, Gas Driller ADES Announces IPO Plan

Saudi Oil, Gas Driller ADES Announces IPO Plan
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Saudi Oil, Gas Driller ADES Announces IPO Plan

Saudi Oil, Gas Driller ADES Announces IPO Plan

Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, on Monday announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange.
ADES said the public share sale comprises of 338,718,754 ordinary shares, resulting in a free float of 30% after the sale of a mix of existing and newly issued shares.
"Since inception, ADES has grown from a local driller operating predominantly in North Africa to one of the largest drilling operators in the Middle East and North Africa region with a fleet of 85 rigs and operations spanning seven countries," ADES Chairman Ayman Abbas said in the statement reported by Reuters.
"Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally," Abbas added.

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Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
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Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)

Saudi Arabia, Russia and Kazakhstan stressed on Wednesday the importance of maintaining stability and balance in global oil markets, highlighting the significant role played by the OPEC+ Group in this regard.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud took part, by phone, in a meeting with Russian Deputy Prime Minister Alexander Novak and Kazakhstan’s Minister of Energy Almasadam Satkaliyev in Astana.

They underlined the importance of cooperation among OPEC+ member countries and full adherence to the agreement, including the voluntary production cuts agreed upon by the eight participating countries, as well as compensating for any excess production.

The Kazakh minister reiterated his country’s full commitment to the agreement, the voluntary production cuts, and compensating for any overproduction, in accordance with the updated schedule submitted to the OPEC Secretariat.