- ADNOC owns 95% of the Middle East's biggest drilling company. The remaining 5% is owned by Baker Hughes, whose 2018 purchase of its stake valued ADNOC Drilling at $11 billion
DUBAI: ADNOC Drilling on Monday announced its intention to list on the Abu Dhabi bourse, which would see its parent company Abu Dhabi National Oil Co (ADNOC) sell a minimum 7.5% stake in an initial public offering (IPO).
"Offering size will be 7.5% of ADNOC Drilling's issued share capital, with ADNOC retaining the right to increase the size of the Offering at any time before pricing," it said in a statement.
This is the second public flotation of a company owned by the Abu Dhabi oil company after it listed in 2017 ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates.
ADNOC owns 95% of the Middle East's biggest drilling company. The remaining 5% is owned by Baker Hughes, whose 2018 purchase of its stake valued ADNOC Drilling at $11 billion.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size. It has 107 rigs as of June 30, 96 of which are owned and 11 rented, the statement said.
The offering and listing of shares on the bourse is currently expected in October.
Offering and price range are expected on Sept. 13, and the final offer price will be set on Sept. 27, the statement said.
ADNOC, which supplies nearly 3% of global oil demand, has also sold stakes in its pipeline infrastructure and refining businesses to global companies and investors under a transformation strategy unveiled more than four years ago.
It plans later this year to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI.