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ADNOC to sell at least 7.5% stake in drilling unit

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Oilfield Technology,

As reported by Reuters, ADNOC Drilling has said it intends to list on the Abu Dhabi bourse, with its parent company ADNOC selling a minimum 7.5% stake in an initial public offering (IPO).

ADNOC has retained the right to increase the size of the offering at any time before pricing, ADNOC Drilling said in a statement.

ADNOC owns 95% of the Middle East's biggest drilling company, with the remaining 5% held by Baker Hughes, whose 2018 purchase of its stake valued ADNOC Drilling at US$11 billion.

ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size. It has 107 rigs as of June 30, 96 of which are owned and 11 rented, the statement said.

The offering and listing of shares on the bourse is currently expected in October.

Offering and price range are expected on 13 September, and the final offer price will be set on 27 September, the statement said.

ADNOC, which supplies nearly 3% of global oil demand, has also sold stakes in its pipeline infrastructure and refining businesses to global companies and investors under a transformation strategy unveiled more than four years ago.

ADNOC Drilling said it will capitalise on ADNOC's plans to increase crude oil production capacity to 5 million bpd, from around 4 million bpd now, and produce 1 billion ft3/d of unconventional gas by 2030.

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