Our predecessor company, RAK Petroleum PCL, was inspired by the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council of the United Arab Emirates and Ruler of Ras Al Khaimah, and founded in 2005 as a public company limited in Ras Al Khaimah Free Trade Zone with a mandate to invest broadly in the energy industry. The initial capital of AED 3 billion (USD 820 million) was raised through private placement with a small number of leading institutions, regional banks, investment funds and prominent individuals in the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait and Oman.
The company took its name from Ras Al Khaimah, one of the seven Emirates comprising the United Arab Emirates, located in the north-eastern part of the country and bordering the Sultanate of Oman. The culture and customs of the people of Ras Al Khaimah are built around the Emirate’s heritage as a port town on the Musandam Peninsula (Ras Al Khaimah is Arabic for "Top of the Tent") which forms the Strait of Hormuz from the south. The Musandam Peninsula is home to spectacular fjords, not unlike those of Norway but not verdant and very, very seldom with snow.
In October 2009, RAK Petroleum PCL acquired its first shares in DNO ASA at a price of just over NOK 4 per share and continued to build its shareholding until April 2010, at which time the shareholding had reached 30 percent. At the annual general meeting of DNO ASA in June 2011, the Chairman and Chief Executive Officer of RAK Petroleum PCL, Bijan Mossavar-Rahmani, became the Executive Chairman of the Board of Directors of DNO ASA and in January 2012, RAK Petroleum PCL merged its Oman and Ras Al Khaimah operating subsidiaries, previously acquired from London-listed Indago Petroleum Limited, into DNO ASA in exchange for an additional 12.84 percent stake, bringing the company’s shareholding in DNO ASA to 42.84 percent. In 2015, that percentage shareholding dropped to 40.45 percent following an equity raise by DNO ASA in which RAK Petroleum plc did not participate.
In April 2013, RAK Petroleum PCL acquired Mondoil Enterprises, LLC, in an all-share exchange. Mondoil Enterprises, LLC holds a 33.33 percent stake in Foxtrot International LLC and the transaction added a second investment vehicle to RAK Petroleum PCL's portfolio.
In May 2013, the RAK Petroleum PCL shareholders approved a corporate restructuring intended to transfer substantially all the assets, liabilities and business of the company to a new vehicle that would ultimately be listed on an international exchange in exchange for shares of that new entity.
On 7 November 2014, the approved restructuring, migration and listing was effectuated and the successor entity, RAK Petroleum plc, was listed on the Oslo Børs.