ADNOC Increases Size of Drilling Unit IPO to $1.1B

Davide Barbusci
Wednesday, September 22, 2021

State oil giant Abu Dhabi National Oil Co (ADNOC) has increased to 11% of share capital the size of the initial public offering (IPO) of its drilling unit, ADNOC Drilling, because of oversubscription, the firm said on Wednesday.

ADNOC had previously targeted a minimum stake of 7.5% in the IPO of ADNOC Drilling, at 2.3 dirhams ($0.6262) per share.

In a statement, it said the price had not changed but the number of ordinary shares offered was raised to 1.76 billion from 1.2 billion, which would correspond to a $1.1 billion transaction, according to Reuters calculations.

"The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all tranches," it said.

"The enlarged offering will enable a broader investor base to obtain exposure to ADNOC Drilling’s highly attractive value proposition."

ADNOC will continue to own an 84% majority stake in the unit, while Baker Hughes will retain its 5% shareholding.

The IPO subcription period will end on Thursday for United Arab Emirates retail investors and on Sunday for domestic and international institutional investors.

Listing is expected on or around Oct. 3, ADNOC said. 

($1=3.6728 UAE dirham) 

($1=3.7502 riyals)

(Reporting by Davide Barbuscia; Editing by Clarence Fernandez)

Categories: Middle East Drilling Activity Rigs

Related Stories

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

CNOOC Makes Major Oil and Gas Discovery in South China Sea

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Eco Wave Finds Partner for Wave Energy Project in India

ADNOC Secures LNG Supply Deal with India's BPCL

US Operator Finds Oil Offshore Vietnam

Shell Shuts Down Oil Processing Unit in Singapore Due to Suspected Leak

Current News

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com