Reuters: ADNOC invites banks to manage the offering of the drilling unit


Two sources told Reuters on Sunday that the Abu Dhabi National Oil Company (ADNOC) has invited investment banks to compete for book management roles for the initial public offering of its drilling unit.
The two sources explained that the giant oil company had invited a number of foreign and local banks to participate in the process, which is scheduled for this month.
They added that ADNOC plans to offer the unit for public subscription during the third quarter of the year. One source had previously said that ADNOC had raised at least $ 1 billion from the sale of shares.
ADNOC Drilling owns a large fleet of platforms that includes 75 ground rigs and 20 offshore rigs, according to its location.
Drilling activities are vital to ADNOC’s upstream operations and contribute to the company achieving its production targets.
ADNOC also plans to offer shares of VertiGlobe, a fertilizer joint venture with OCI Chemicals listed in the Netherlands, this year.


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