• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 7 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Are you aware of Oil Price short videos on our energy topics?
  • 15 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 18 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 411 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
Oil Rebounds On Surprise Crude Inventory Draw

Oil Rebounds On Surprise Crude Inventory Draw

Oil prices rebounded on Wednesday…

Oil Rallies To Fresh Multi-Year Highs

Oil Rallies To Fresh Multi-Year Highs

Oil prices rose early on…

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.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News