OQ Announces Inaugural Bond Listing on London Stock Exchange

Muscat, June 2022: OQ, Oman’s very own global integrated energy company has marked the first anniversary of its inaugural bond listing on the London Stock Exchange, which was executed back in May 2021. On May 20, 2022, in coincidence with this special occasion, the company participated in the Market Open Ceremony of the London Stock Exchange, a celebration that had been postponed last year due to the global travel restrictions.  With its sizeable position, international footprint, over 6800 employees hired globally and a diversified portfolio of upstream, midstream, and downstream applications, OQ provides integral solutions across the value chain with its excellent local and export market access.

This announcement denotes OQ’s foray towards a productive and diversified future which will directly add value to the national economy keeping in line with Oman Vision 2040. The Vision 2040 is the foundation for an inclusive, sustainable yet varied national development on the principles of value creation guidelines.

Commenting on the occasion, Sabrina Al Bakri, OQ’s Chief Executive Finance (CFO) said, “The execution of the bond is a great success for both OQ and Oman. It comes in line with the best global investment practices and aimed to meet OQ’s funding requirements. It also emphasises OQ’s presence as a global energy player and the trust we have amongst the global investors. In line with our financial strategy, we are very pleased to celebrate the first anniversary of OQ’s successful inaugural bond issuance in the international debt capital markets, with strong participation from investors and financial institutions from around the world.”

Despite overwhelming demand with an oversubscription of more than 4 times, OQ has decided to limit its initial issuance under the bond programme to $750 million in a 7 years’ bond for general corporate purposes. While diversifying its funding source and improving its debt profile, OQ is also focused on executing its divestment strategy which will seek to privatise certain assets to reduce the organisation’s current leverage levels.

The new bond is rated at BB- by Fitch (Stable outlook) and listed in the London Stock Exchange. The note has a tenor of 7 years and 5.125% coupon under Rule 144A/Regulation S; and represents a senior unsecured obligation for the company.

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