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ADNOC invites banks to bookrunner roles for drilling unit IPO

ADNOC invites banks to bookrunner roles for drilling unit IPO
ADNOC Drilling owns and operates 96 rigs

UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has invited investment banks to help arrange the initial public offering (IPO) of ADNOC Drilling through their bookrunner roles, sources told Reuters.

One of the sources referred that ADNOC invited several international and local banks to take part in the public share sale process of ADNOC Drilling, which is due later this month.

ADNOC Drilling owns and operates the largest fleet of 96 rigs in the Middle East, including onshore rigs and offshore rigs, according to the company's website.

Noteworthy to mention, last week, sources told Bloomberg that the oil giant is close to hiring JPMorgan Chase & Co and First Abu Dhabi Bank (FAB) to arrange the potential listing of its drilling unit, as the company seeks to sell a minority stake in a deal that could raise up to $10 billion.