MUSCAT, MARCH 12
Delivering its maiden annual report post its landmark Initial Public Offering (IPO) last year, Abraj Energy Services – Oman’s leading oilfield services company – says its contractual orderbook has soared in value to a total of around RO 600 million at the end of 2023, underscoring its strong positioning in the domestic and regional energy services industry.
Muscat-based Abraj Energy – a subsidiary of integrated Omani energy group OQ – achieved revenues totaling RO 144.3 million last year, which was up 5.3% over the previous year’s total of RO 137.0 million. Total net expenditure including tax climbed 6.9% to RO 128.8 million, up from RO 120.5 million a year earlier. Net profit for the year inched up to RO 16.6 million, up 0.3% from the previous net of RO 16.5 million.
“Abraj had sustainably performed well throughout the year 2023, with good steady results from the Drilling and Workover services and a remarkable contribution from Well Services. Building on the strong recovery post‐Covid‐19, the company has continued to grow in revenue, net profit, and market share,” said Ayad al Balushi, Chairman.
Last March, Abraj Energy created history of sorts at the time when its IPO garnered more than $2 billion in gross orders for its share, which was oversubscribed 8.7 times. The public listing on the Muscat Stock Exchange (MSX) also attracted institutional Investors for the first time from Europe and other GCC countries.
A leading provider of onshore drilling, workover, well testing, well intervention, cementing, fracturing, coil tubing, and integrated project management, among other oilfield services, Abraj reported a significant increase in its orderbook in 2023.
“Amidst challenging market conditions, the Company has achieved over 10% growth in secured contracts from a revenue standpoint. The contractual backlog is very strong with the total value of secured contracts around RO 600 million. In addition, Abraj is retaining the highest market share in Oman’s drilling market as well as pioneering in the Well Services market by offering high end products and services to our clients. Our clients are very diverse, serving the major national and international operators of Oil and Gas Exploration and Production (E&P) sector,” the company stated.
A notable highlight of its operational performance last year was its successful overseas foray when it secured a first-ever contract to provide drilling rigs to Kuwait.
Buoyed by this success, the company is now keenly eyeing opportunities in cementing, hydraulic fracturing and coiled tubing in the wider region. “The company was successfully prequalified for conventional cementing services by Kuwait Oil Company and continuously working on Aramco pre-qualifications in Saudi in line with its strategic growth plans to expand regionally and globally,” it added.
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