Arabian Drilling hires HSBC, SNB Capital for IPO – Sources

Arabian Drilling Co., partly backed by Schlumberger, announced hiring HSBC and SNB Capital for its planned initial public offering (IPO), Sources told Bloomberg.

The sources said the deal could value the company at around $1.4 billion.

They added that the Saudi company is also in talks for a merger with ADES International Holding Plc. in a PIF-backed deal worth $516 million.

It should be noted that the Arabian Drilling Co. was founded in 1964 with the majority owner of Arabian Drilling (51% stake) is Saudi Arabia’s Industrialization & Energy Services Company, also known as Taqa, while  Schlumberger possesses the rest.