 |
Louisiana Light • 3 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 173 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 1 hour | 2.745 | +0.011 | +0.39% |
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Girassol • 1 day | 89.90 | +0.45 | +0.50% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 24 hours | 76.56 | +1.46 | +1.94% | ||
|
Light Sour Blend • 24 hours | 79.61 | +1.46 | +1.87% | ||
|
Syncrude Sweet Premium • 24 hours | 86.56 | +1.46 | +1.72% | ||
|
Central Alberta • 24 hours | 76.96 | +1.46 | +1.93% |
|
Eagle Ford • 3 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 6 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.50 | +0.50 | +0.68% | ||
|
Buena Vista • 3 days | 87.02 | -0.29 | -0.33% |
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ADNOC To List Drilling Unit In Large IPO
ADNOC Drilling, the unit of Abu Dhabi National Oil Company (ADNOC), intends to list at least 7.5 percent of its shares in an initial public offering that could become of the largest share sales in the United Arab Emirates (UAE).
ADNOC Drilling said on Monday that it planned to list 7.5 percent of shares in the company on the Abu Dhabi Securities Exchange (ADX) through an IPO, aiming to raise capital and create a broader investor base, as well as supporting the growth and expansion of the UAE’s private sector and capital markets.
The IPO is directed to qualified investors, ADNOC Group Employees and UAE national retirees, and the UAE public, including any eligible citizen or resident.
ADNOC Drilling expects to announce the price range on September 13, and to see the listing of the shares on the ADX on October 3.
The IPO could fetch around $750 million, considering that there have been reports that the entire ADNOC Drilling business could be valued at around $10 billion, according to Bloomberg.
The price range announcement next week will indicate how much ADNOC Drilling is valued, and how much the IPO could raise.
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, the company says. ADNOC Drilling is also the sole provider of drilling rig hire services and certain associated rig-related services to the ADNOC Group on agreed contractual terms.
The IPO would be the second company of the ADNOC Group to list shares in Abu Dhabi, after the fuel retail unit ADNOC Distribution made its market debut in December 2017.
ADNOC has monetized other assets since the 2020 oil price crash, too.
Last year, after oil prices crashed and OPEC+, including the UAE, had to curtail massive production volumes to rebalance the market and prop up oil prices, ADNOC announced a US$20.7-billion deal with six international companies for the acquisition of a minority stake in ADNOC Gas Pipeline Assets.
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By Charles Kennedy for Oilprice.com
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