Abu Dhabi-based Aabar Petroleum Investments Co. said on Sunday it agreed to sell its oil-rigs unit for $446 million to focus on petroleum exploration and production.

Aabar, the Middle East’s first publicly listed oil and gas company, sold Dalma Energy to GulfCap Group, it said in a statement. GulfCap is owned by investors in Saudi Arabia, Bahrain and Oman, it said, without being more specific. Aabar bought Dalma in 2005.

“Aabar’s strategic objective is to build our core business in oil and gas exploration and production,” Aabar Chief Executive Officer David Woodward was quoted as saying in the statement.

“This realignment will allow both businesses to receive the investment and management direction they require,” he said.

Aabar said last week it was planning to sell Oman-based Dalma, which operates 22 land drilling rigs in Algeria, India, Oman, Qatar and Saudi Arabia.

Shareholders will meet next month to vote on the sale, Aabar said.

Shares of Aabar were up 67 % this year to Thursday’s close, amongst the six best performers in the Abu Dhabi index.

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