ADNOC's Drilling Unit to Go Public

Hadeel Al Sayegh
Monday, May 10, 2021
Image credit: evannovostro/AdobeStock

Abu Dhabi National Oil Co (ADNOC) has invited investment banks to pitch for bookrunner roles for the initial public offering of its drilling unit, two sources told Reuters on Sunday.

The oil giant invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month, they said.

ADNOC is planning to take the unit public in the third quarter, they added. One of the sources previously said ADNOC could raise at least $1 billion from the share sale.

ADNOC, which supplies nearly 3% of global oil demand, declined to comment when contacted by Reuters on Sunday.

ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.

The drilling business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.

ADNOC Chief Executive Sultan al-Jaber has been chief architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.

It is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year. 

(Reporting by Hadeel Al Sayegh; Editing by Toby Chopra)

Categories: Middle East Drilling Activity People & Company News

Related Stories

Vallourec to Deliver Tubular Solution for Qatar’s Drilling ops

Vallourec to Deliver Tubular Solution for Qatar’s Drilling ops

Vår Energi, Kistos Energy Greenlight Balder Phase VI Project in North Sea

Vår Energi, Kistos Energy Greenlight Balder Phase VI Project in North Sea

Israeli Leviathan Gas Field Halts Production Amid Conflict with Iran

Israeli Leviathan Gas Field Halts Production Amid Conflict with Iran

Current News

Seequent Receives Award at Global Offshore Wind 2025, Hosts Upcoming Webinar

Libya Blocks Greek Tender for Hydrocarbon Exploration Off Crete

Russia Looks to Myanmar Offshore Oil and Gas Prospects

TotalEnergies’ Offshore Platform Workers in UK Secure Better Conditions

Subscribe for OE Digital E‑News

Offshore Engineer Magazine