ADNOC Drilling (ADNOCDRILL) – Introduction and background |
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, and it is headquartered in Abu Dhabi.
Established in 1972, ADNOC Drilling began life as the National Drilling Company, a wholly-owned subsidiary of the Abu Dhabi National Oil Company (ADNOC). The company provides drilling, workover, and other well services to ADNOC Group and international oil companies in the UAE. ADNOC Drilling’s fleet includes offshore jack-up rigs, offshore island rigs, land rigs, and water depth-capable rigs. In recent years, the company has been expanding its capabilities in unconventional drilling and investing in advanced drilling technologies to improve efficiency and reduce environmental impact.
In 2021, ADNOC Drilling went public, listing 11% of its shares on the Abu Dhabi Securities Exchange (ADX) under the ticker symbol ADNOCDRILL. This IPO was one of the largest in the UAE’s history and part of ADNOC’s broader strategy to unlock value from its subsidiaries. While the listing attracted significant investor interest, it’s important to note that ADNOC retains majority ownership, with an 84% stake. Additionally, Baker Hughes owns a 5% stake, which it acquired in 2018 as part of a strategic partnership. Through these investments, ADNOC Drilling remains largely under state control.
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