Abu Dhabi National Oil Company (ADNOC) Drilling Company announced that it plans to offer 7.5% of its shares through initial public offering (IPO) to be listed for trading on the Abu Dhabi Securities Exchange (ADX), Emirates New Agency (WAM) reported.

The company elaborated that 7.5% of  its shares will be included in the Offering to individuals and other investors in the UAE and to ADNOC Group Companies Employees and ADNOC Group UAE National Retirees (as defined in the UAE Prospectus) (as part of the UAE retail offering) and to qualified institutional and other investors (as part of the qualified investor offering).

The statement noted that ADNOC or the selling shareholders have the ability to increase the the size of the Offering at any time before pricing of the Offering.

ADNOC Drilling has 107 rigs, of which 96 rigs are owned and 11 rigs are rented, as of 30th June 2021 and the sole provider of drilling rig hire services and certain associated rig-related services to the ADNOC Group on agreed contractual terms.

In this regard, Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said, “This highly compelling offering, in a company with a robust growth trajectory and attractive dividend policy, is open to all citizens and residents of the UAE in addition to international and local institutional investors. Building on the highly successful listing of ADNOC Distribution in 2017, this offering marks another significant milestone in ADNOC’s ongoing journey in unlocking and maximizing value across our integrated asset base.”