The oil giant invited local and international banks to be a part of the public share sale of ADNOC Drilling, which will be due later this month.
According to Reuters ADNOC, Abu Dhabi National Oil Co has invited investment banks to pitch for bookrunner roles for the initial public offering of its drilling unit.
The oil giant invited local and international banks to be a part of the public share sale of ADNOC Drilling, which will be due later this month.
ADNOC plans to raise at least $1 billion from the share sale in the third quarter of the year.
ADNOC currently supplies approximately 3 per cent of global oil demand and operates a large fleet of rigs, which includes 75 onshore rigs, 20 offshore jack-up rigs, and 11 well water rigs.
This latest development will help ADNOC meet its oil production target as well as its upstream operations.
ADNOC Chief Executive Sultan al-Jaber founder is in talks with the investment team that would help raise funds from private equity groups and spearhead its float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.
