Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ADNOC raises $935m from 5.5% additional stake sale in drilling unit

    ADNOC raises $935m from 5.5% additional stake sale in drilling unit

    May 23, 2024
    Share
    Facebook Twitter LinkedIn WhatsApp

    Dubai — Abu Dhabi National Oil Company (ADNOC) raised $935 million from an additional 5.5% sale of shares in its drilling unit to institutional investors, it said in a statement on Thursday.

    The transaction, which was announced on Wednesday, constitutes a sale of 880 million shares priced at 3.90 dirhams, at a 5.6% discount to the closing price of 4.13 dirhams on May 22.

    It follows ADNOC Drilling’s IPO more than two years ago, when the company priced shares at 2.3 dirhams a piece, raising $1.1 billion. The stock soared about 30% on its debut.

    ADNOC said the transaction will increase the drilling unit’s free float to 16.5% and stands as the biggest accelerated bookbuild of a publicly listed company in the UAE.

    The energy firm will retain a majority 78.5% shareholding in its drilling unit and has agreed to a restriction from selling further shares for a period of six months, the statement said.

    Increasing ADNOC Drilling’s free float is expected to lead to the company’s inclusion in the Morgan Stanley Capital International (MSCI) Emerging Market Index, ADNOC said. That could happen at the next quarterly index review subject to ADNOC Drilling meeting criteria, it added.

    Egyptian investment bank EFG Hermes (HRHO.CA), opens new tab, First Abu Dhabi Bank (FAB.AD), opens new tab, Goldman Sachs and JPMorgan Securities (JPM.N), opens new tab acted as joint global coordinators and bookrunners for the offering.

    The settlement of the offering is expected to take place on or around May 28, ADNOC added.
    ($1 = 3.6726 UAE dirham)

    South Africa is meant to be a poster child for the global energy transition.

    *Yousef Saba, Rachna Uppal & Federico Maccioni – Reuters

    Related News

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    Chevron CEO warned staff of rising safety issues before fatal Angola platform fire

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    June 9, 2025

    Nigeria sends mining scholars to Australia for training

    June 9, 2025

    Shipping firms dodges $900m cost, as Nigeria hit by empty container glut

    June 9, 2025

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    June 9, 2025

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.