Abu Dhabi September 6 2021: 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).
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.
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.
