Helmerich & Payne lines up for Adnoc Drilling stake

Helmerich & Payne lines up for Adnoc Drilling stake

Helmerich & Payne (H&P) will buy into Adnoc Drilling’s upcoming IPO, with the Abu Dhabi company buying eight land rigs from the US company.

Adnoc Drilling will pay $86.5 million for the eight FlexRigs. H&P will, in turn, make a $100mn investment in the IPO. The plans for the sale of a 7.5% stake in the Abu Dhabi driller were set out on September 6.

Adnoc CEO Sultan Ahmed Al Jaber said the deal would provide the drilling unit “with access to new world-class rigs and services”. Adnoc Drilling has an important part to play in Adnoc’s expansion plans, he said.