ADNOC Drilling Company announces intent to list 7.5% of shares on ADX

ADNOC Drilling Company announces intent to list 7.5% of shares on ADX

ADNOC Drilling Company has announced its intent to proceed with an initial public offering and list its shares for trading on the Abu Dhabi Securities Exchange (ADX). A total of 7.5 per cent of ADNOC Drilling’s issued share capital, will be included in the offering to individuals and other investors in the UAE and to ADNOC group companies employees and ADNOC Group UAE national retirees. It will also be offered to qualified institutional and other investors. Abu Dhabi National Oil Company (ADNOC) retains the right to increase the size of the offering at any time before its pricing. Five per cent of the offering will be reserved for offer to the Emirates Investment Authority. Admission of the shares to trade on the ADX is expected in October 2021. 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, as of June 30, 2021. It provides customers with a suite of drilling services, including rig hire and certain associated rig-related services in Abu Dhabi and oilfield services (such as integrated drilling, wireline, directional drilling, cementing, pressure pumping, logging and fluids, and