Saudi-based Expertise Contracting Co. intends to launch an initial public offering (IPO) as early next year, Bloomberg reported, citing informed sources.

The Jubail-based industrial services provider has held initial discussions with advisers on the floatation, raising at least $200 million, the report said.

Deliberations are continuing, Bloomberg said, adding that details of the offering could change.

Expertise Contracting was established in 1999 and offers services to the petrochemical, oil & gas, fertiliser, steel, cement, water treatment, and power generation sectors, according to the company's website.

(Editing by Seban Scaria seban.scaria@lseg.com)