Abu Dhabi’s ADNOC plans IPO of drilling arm
ABU DHABI, September 7, 2021 – Abu Dhabi National Oil Company (ADNOC) plans to sell off a 7.5% stake in ADNOC Drilling, the Emirati NOC announced on Monday.
ADNOC currently holds a 95% stake in ADNOC Drilling – the largest national drilling company in the Middle East by rig size – and retains the right to up the size of the offering before pricing. Baker Hughes holds the remaining 5%.
The sale is expected to take place in October 2021.
ADNOC says the share price has yet to be determined.
This is the second IPO from ADNOC after the first was made in 2017 when the company listed its downstream subsidiary ADNOC Distribution on the Abu Dhabi Securities Exchange.