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Abu Dhabi National Oil Company “ADNOC” announced today, Monday, its intention to offer a 7.5% stake in “ADNOC Drilling” shares for IPO on the Abu Stock Exchange Dhabi.
Subscription will be open to citizens and residents of the United Arab Emirates and local and international investment institutions, which is expected to begin on September 13, while shares are expected to start trading on the Abu Dhabi Stock Exchange in October 2021.
With respect to the details of the offer, all of the offered shares will be sold over the existing shares held by ADNOC, and the offered shares will be made available to individuals and other investors as part of the individual offer. in the United Arab Emirates as well as for qualified investors under the offer to qualified investors, while 5% of the offered shares will be reserved for the benefit of the IPO. Emirates Investment.
The offer includes 1.2 billion shares of the company’s capital in three tranches.
It should be noted that all the shares will be offered by ADNOC, which owns 95% of the capital of ADNOC Drilling, before the offer. ADNOC will receive the net proceeds from the offer.
Baker Hughes bought a 5% stake in ADNOC Drilling in 2018, in a deal that valued the company at $ 11 billion, including $ 1 billion in debt.
According to Bloomberg, if the public offering takes place at the same valuation, the parent company will raise $ 750 million from the proceeds from the sale of the 7.5% ratio.
ADNOC Drilling is one of the most important pillars of the ADNOC Group and a key catalyst to maintain current crude oil production rates and increase production capacity by 25% to reach 5 million barrels per day and produce one billion cubic feet per day. of unconventional gas by 2030.
Opportunities for expansion and growth
The United Arab Emirates ranks sixth in the world in the list of countries with the highest oil reserves, with conventional oil reserves of 107 billion barrels of recoverable oil, improving opportunities for expansion and growth sustainable drilling in the future.
ADNOC drilling is also a key element in achieving gas self-sufficiency in the UAE and meeting the goal of producing one billion cubic feet per day of unconventional gas by 2030.
The United Arab Emirates has proven gas reserves of 273 trillion cubic feet of conventional gas, 160 trillion standard cubic feet of unconventional gas resources, and unconventional oil resources estimated at around 22 billion barrels, which requires the drilling of new wells to extract them.
وتوفر “أدنوك” من خلال هذا الطرح المقترح لحصة أقلية في أسهم “أدنوك للحفر” فرصة استثمارية جذابة تتيح للمستثمرين الاستفادة من التطور المستمر والنمو القوي الذي تحققه شركة “أدنوك للحفر” التي تعد مكونا رئيسيا في عمليات أدنوك وسلسلة القيمة الخاصة بالموارد الهيدروكربونية في Abu Dhabi. ADNOC Drilling also maintains a long-term contractual relationship with the companies of the ADNOC Group in the field of exploration, production and development, which guarantees the continuity and stability of its operations in various circumstances.
Integrated services
ADNOC Drilling is the largest national drilling company in the Middle East in terms of fleet size of drills and equipment, with a total of 96 onshore, offshore and man-made island drills. Through its strategic partnership with Baker Hughes
In 2018, ADNOC Drilling became the first national company in the region to provide integrated drilling and well preparation services and a full range of drilling and drilling services, providing opportunities for growth and expansion of its business. activities outside the United Arab Emirates.
During the period from 2018 to May 2021, the company was able to deliver more than 180 wells, increase its efficiency by about 50% and realize savings of more than 767 million dirhams (210 million dollars).
ADNOC Drilling plays an important role in achieving ADNOC’s goals in environmental, social and corporate governance, as it continues to focus on reducing emissions intensity by 25% by 2030 improving operational efficiency and energy efficiency. key contributor to the upgrading of Murban crude, which is one of the least carbonaceous minerals in the world.
ADNOC has worked over the past five years to improve the management of its business and capital portfolio, and this strategy focused on creating and increasing value is made possible by a capital investment program of 447 , 7 billion dirhams (122 billion dollars) for the period between 2021 and 2025.
By listing minority stakes in some of its companies operating on the stock markets, ADNOC has been able to gain better access to capital and a broader investor base in many aspects of its business portfolio, while supporting growth and expansion of the private sector and capital markets. in the United Arab Emirates.
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