Adnoc Drilling to offer 7.5% stake in IPO

Adnoc Drilling to offer 7.5% stake in IPO

Adnoc Drilling has announced its plans to offer 7.5% of its issued share capital in an initial public offering (IPO) and to list its shares for trading on the Abu Dhabi Securities Exchange (ADX).





The offering of the shares will include individuals and other investors in the UAE and to Adnoc Group companies employees and Adnoc Group UAE national retirees and to qualified institutional and other investors, reported Emirates News Agency WAM.





Adnoc Drilling has 107 rigs, of which 96 rigs are owned and 11 rigs are rented, as of 30th June 2021 and the sole provider of drilling rig hire services and certain associated rig-related services to the Adnoc Group on agreed contractual terms. Adnoc Drilling provides its customers with a full suite of drilling services, including rig hire services and certain associated rig-related services in Abu Dhabi and oilfield services (such as integrated drilling services, wireline, directional drilling, cementing, pressure pumping, logging and fluids, and hydraulic fracturing).





For the year ended 31st December 2020, Adnoc Drilling had revenue of $2,097.9 million, EBITDA of $959.7 million and profit of $569.0 million. For the six months ended 30th June 2021, Adnoc Drilling had revenue of $1,123.5 million, EBITDA of $499.5 million and profit