ADNOC completes $935 million institutional placement of ADNOC Drilling shares

ADNOC completes $935 million institutional placement of ADNOC Drilling shares

Abu Dhabi National Oil Company (ADNOC) announced today that it has successfully completed a placement to institutional investors of 880 million shares in ADNOC Drilling Company. This represents 5.5% of ADNOC Drilling’s total issued and outstanding share capital, and will increase the Company’s free float to 16.5%. The Offering saw strong demand from institutional investors in the GCC and internationally, and was priced at AED3.90 per share, approximately 70% above the Initial Public Offering (IPO) price of AED2.30 per share, and represents a 5.6% discount to the Company’s closing price on 22nd May 2024. Settlement of the Offering is expected to occur on or around 28th May 2024. ADNOC continues to see sustained strong and unique growth potential in ADNOC Drilling and this was further demonstrated in ADNOC Drilling’s first quarter 2024 financial results, which saw the Company record strong revenue and earnings, further enhanced dividend distribution, as well as transformational progress on unconventional. ADNOC will continue to retain a majority 78.5% shareholding in the Company and has also agreed to a restriction from selling further shares for a period of six months from closing of the Offering, subject to customary carve outs. Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, said, “The significant