Abu Dhabi National Oil Company (ADNOC) is planning to sell 7.5% shares in its drilling unit on the Abu Dhabi Securities Exchange (ADX) through an initial public offering.
The offering and price range are expected on September 13, and the final offer price will be set on September 27. The completion of the offering and admission is currently expected to take place in October this year, subject to market conditions and obtaining relevant regulatory approvals.
“This highly compelling offering, in a company with a robust growth trajectory and attractive dividend policy, is open to all citizens and residents of the UAE in addition to international and local institutional investors,” said Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and ADNOC managing director and group CEO.
ADNOC owns 95% of the business, with the remaining 5% held by Baker Hughes. The company has retained the right to increase the size of the offering at any time before pricing.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 107 rigs, of which 96 rigs are owned and 11 rigs are rented, and it remains the sole provider of rig services to ADNOC upstream companies on agreed contractual terms.
