Arabian Drilling planning Saudi IPO

JEDDAH: Arabian Drilling Co, a Saudi oilfield-services company partly held by Schlumberger NV, is preparing an initial public offering (IPO) that could give it a valuation of around US$2bil (RM8.2bil), according to people familiar with the matter.

The firm, also owned by Saudi Arabia’s Industrialisation & Energy Services Co, known as Taqa, has asked banks to pitch for a role on the potential share sale, the people said, asking not to be identified as the information is private.