Describe the business economy facts of ADNOC Drilling
Topic : ADNOC Drilling ( Abu Dhabi National Oil Company)
Counrty : United Arab Emirates
Describe the business economy facts and figures, demographics stastics, currency,etc
Describe business type (government , private sector, small, large, family owned, etc
Abu Dhabi National Oil Company (ADNOC) said it raised over US $1.1 billion for ADNOC Drilling Company for 11 percent of total issued share capital, and an offer price of AED 2.30 (US $0.6262) per share.
“The Offering was multiple times oversubscribed, with significant demand from UAE Retail Investors and Qualified Institutional Investors. Total gross demand for the IPO amounted to over $34 billion, implying an oversubscription level in excess of 31 times in aggregate,” said the company in a statement.
Shares will be traded at Abu Dhabi Securities Exchange (ADX) starting October 3rd of this year, subject to customary closing conditions, under the symbol “ADNOCDRILL” and ISIN “AEA007301012”.
Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the company, while Baker Hughes will retain its 5 percent shareholding. Helmerich & Payne (“H&P”) will hold 1 percent.
First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank Middle East Limited and J.P. Morgan Securities plc acted as Joint Global Coordinators and EFG-Hermes UAE Limited, Emirates NBD Capital PSC, International Securities L.L.C, Merrill Lynch International and Société Générale acted as Joint Bookrunners.
First Abu Dhabi Bank PJSC acted as the lead receiving bank and Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC and Emirates NBD Bank PJSC acted as receiving banks. While, Moelis & Company acted as Independent Financial Adviser.
UAE’s Abu Dhabi National Oil Company (ADNOC) has awarded framework agreements to four oilfield services providers valued at $1.94 billion to enable drilling growth in its operations.
The awards build on ADNOC’s recent record investments in drilling-related equipment and services, support its strategy to boost crude oil production capacity to 5 million barrels per day (mmbpd) by 2030, and drive gas self-sufficiency for the UAE, ADNOC explained in a statement on Thursday.
According to the UAE’s giant, the framework agreements for wireline logging and perforation services are the largest of such awards in the oil and gas industry and were awarded to ADNOC Drilling, Schlumberger, Haliburton, and Weatherford, following a competitive tender process. Wireline logging involves continuously measuring the properties of rock formations to guide drilling operations while perforation creates tunnels in the wellbore to allow fluid to flow in from the reservoir.
The framework agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years. The selected companies will work to identify local manufacturing opportunities and create employment opportunities for UAE Nationals.
It is worth reminding that ADNOC Drilling, Schlumberger, and Halliburton last year secured contracts with ADNOC related to integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields.