UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) has selected Goldman Sachs to become a global coordinator for the initial public offering (IPO) of the company’s drilling unit, Reuters reported.

The sources referred that ADNOC Drilling's public share-sale is the bank's first such high-profile deal in Abu Dhabi since 2019.

Goldman Sachs will join a large syndicate of advisors on the deal, two sources familiar with the matter reportedly said.

ADNOC is planning to launch the IPO in the third quarter (Q3) of 2021, and the company could be valued at $6 to $8 billion, sources referred.

In May, sources told Reuters that ADNOC has started holding virtual meetings with potential investors before launching the planned initial public offering (IPO) of ADNOC Drilling, which owns and operates the largest fleet of 96 rigs in the Middle East.