Potential IPO candidate Abraj Energy posts revenue of $323m in 2021

Following the successful roll-out of its new brand identity, Abraj Energy Services (Abraj), a leading Omani oilfield and gas services company and a wholly owned subsidiary of OQ, participated in the Muscat Stock Exchange (MSX) Investor Roadshow that included potential IPO candidates. The company demonstrated to investors and key stakeholders its robust business model underpinned by strong financial and operational performance.

The MSX Investor Roadshow emphasized the extensive reforms being implemented to boost the Sultanate’s capital markets and bolster its privatization efforts. Abraj’s newly appointed CEO Saif al Hamhami was joined by Business Development Director Salah al Harthy in presenting the company’s role as an Omani oilfield services champion to a group of local, regional and global investors.

Al Hamhami said: “Through targeted investments and an experienced workforce, Abraj has grown into a leading Omani oilfield services company that is underpinned by strong financial performance, a modern drilling fleet and an unwavering commitment to providing clients with quality services. At Abraj, we promote consistently high standards of excellence and a culture of safety across our operations. Abraj is focused on strengthening its role as a quality oilfield services provider that enhances in-country value and seeks to develop more productive, efficient and greener services that contribute to the Sultanate’s sustainable economic growth.” Al Hamhami and Al Harthy highlighted that Abraj’s commitment to excellence has sustained the company’s robust financial standing, which is supported by stable, contracted income from a diversified blue-chip customer base. In 2021, the company generated $323 million in revenues and $121 million in EBITDA, which grew at 21 per cent CAGR in the last 3 years.

Al Hamhami and Al Harthy attribute this success to their experienced management team and dedicated workforce. Abraj’s team of experts is part of a strong base of more than 2,500 dedicated employees, 93 per cent of which are Omani citizens.

Abraj Energy Services is among a number of state-owned entities indirectly owned by Oman Investment Authority (OIA) that are tipped to be listed on the Muscat Stock Exchange (MSX) in the coming years as part of OIA’s exit plan.