ADNOC drilling company prepares to go public

Sinopec News Net, according to the offshore engineering website, May 10, two sources told Reuters on Sunday that Abu Dhabi National Oil Company has invited investment banks to provide bookkeeping management for the initial public offering (IPO) of its drilling subsidiary.

The oil giant invited several international and local banks to participate in the public sale of ADNOC drilling company shares later this month.

ADNOC plans to go public in the third quarter.

ADNOC, which supplies nearly 3% of global oil demand, declined to comment when contacted by Reuters on Sunday.

ADNOC Drilling Company’s website shows that ADNOC Drilling Company owns and operates a large number of drilling rigs, including 75 onshore drilling rigs, 20 offshore jack-up drilling rigs and 11 well water drilling rigs.

The drilling business is critical to ADNOC's upstream business and helps the oil company achieve its production targets.

ADNOC CEO Sultan al-Jaber is the chief designer of the transformation strategy that the company started more than four years ago.

The company also plans to list Fertiglobe later this year, a fertilizer company that is a joint venture with OCI, a chemical producer listed in the Netherlands.

Wu Henglei compiled from offshore engineering

The original text is as follows:

ADNOC's Drilling Unit to Go Public

Abu Dhabi National Oil Co (ADNOC) has invited investment banks to pitch for bookrunner roles for the initial public offering of its drilling unit, two sources told Reuters on Sunday.

The oil giant invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month, they said.

ADNOC is planning to take the unit public in the third quarter, they added.

ADNOC, which supplies nearly 3% of global oil demand, declined to comment when contacted by Reuters on Sunday.

ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.

The drilling business is critical for ADNOC's upstream operations, helping the oil company reach its production targets.

ADNOC Chief Executive Sultan al-Jaber has been chief architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.

　　It is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.