• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 7 hours Reality catching up with EV forecasts
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 10 days The Federal Reserve and Money...Aspects which are not widely known
  • 15 days US Oil Independence is a myth and will always be a myth
  • 15 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

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