Saudi Aramco Trails IPO Planning In Spite Of Drone Attack Damage

Saudi Aramco Trails IPO Planning In Spite Of Drone Attack Damage

Reportedly, Saudi Aramco is en route with banker meetings in this week about its proposed listing, three sources stated, though some analysts and investors doubt it can now fulfill its deadline following the weekend drone attacks on its major oil units. Reuters reported that it can take months for Aramco—which is the biggest oil company globally—to restart productivity after attacks, which trimmed production by almost 5.7 million bpd (barrels per day), which is 5% of the global oil supply. Saudi’s cabinet reported that it has now examined the brunt of the attacks on Aramco installations. The state-owned oil company will meet national Saudi banks to confer the IPO (initial public offering) plans, but international lenders functioning on the IPO said to Reuters that there had been no announcement from Aramco’s administration on any delay.

The sources added that Aramco is persisting to prepare for a regional IPO, which might happen in November. Reuters reported that Aramco intends to sell 1% in this year, in a possible $20 Billion deal, and an additional 1% in next year in Riyadh before an international sale. Three people familiar to the deal stated the meetings are slated for this week with Saudi lenders to confer the underwriting work they would do in the offering are still planned to take place.

Similarly, Saudi Aramco was in news for signing a 5-Year procurement deal with Weatherford. The US-based Weatherford declared the signing a procurement agreement with Saudi Aramco to supply completions, cementation, solid expandables, liners, and casing exit technologies. The deal forms a foundation for the prospect of collaboration amid Saudi Aramco and Weatherford, built on the vanguard of unsurpassed value and oilfield technology. Jim Hollingsworth—Weatherford’s Vice President (Saudi Arabia)—said, “The firm is energized by the prospect accorded by Saudi Aramco to expand our ground-breaking technology across the kingdom.”

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