For nearly 50 years, ADNOC Drilling has been a critical enabler of ADNOC’s exploration, development and production of Abu Dhabi’s oil and gas resources.
Today, it is the largest national drilling company in the Middle East by rig fleet size, with a fleet of 96 owned rigs, and it remains the sole provider of rig services to ADNOC upstream companies, on agreed contractual terms.
In the years ahead, ADNOC Drilling is set to capitalise on and play a crucial role in enabling ADNOC’s plans to increase crude oil production capacity by 25% to 5 million barrels per day by 2030, achieve UAE gas self-sufficiency and produce 1 billion cubic feet per day of unconventional gas.
On 6 September 2021, ADNOC Drilling announced its intention to list 7.5% of shares in the company on the Abu Dhabi Securities Exchange (ADX) through an Initial Public Offering (IPO).
On 22 September, ADNOC announced that it has increased the number of ordinary shares offered in the initial public offering of ADNOC Drilling from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, which equates to 11% of ADNOC Drilling’s total issued share capital.
Through this IPO, ADNOC Drilling will be able to raise capital and create a broader investor base, whilst also supporting the growth and expansion of the UAE’s private sector and capital markets. The IPO also marks another key milestone in ADNOC’s ongoing transformation journey and is fully consistent with ADNOC’s ongoing strategy to unlock and maximize value by proactively managing its portfolio of businesses and capital.
The retail investor subscription period closed on Thursday 23 September 2021 and for qualified investors on Sunday 26 September 2021. Retail investors will be notified of their final allocations on 30 September 2021.
Listing and trading in ADNOC Drilling on ADX is expected to commence on 3 October 2021, under the symbol “ADNOCDRILL”.