ADNOC Drilling to Seek $1 Billion Financing to Fund Growth

ADNOC Drilling to Seek $1 Billion Financing to Fund Growth | OilPrice.com

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Breaking News:

ByCharles Kennedy– Feb 14, 2025, 10:30 AM CST

ADNOC Drilling Company, the drilling unit of Abu Dhabi’s national oil company, plans to borrow $1 billion from banks this year to refinance expiring debt, the company’s CFO Youssef Salem told Bloomberg Television in an interview on Friday.

ADNOC listed ADNOC Drilling in 2021 in what was one of the largest share sales in the United Arab Emirates (UAE) at the time. ADNOC Drilling, the largest national drilling company in the Middle East by rig fleet size, is the primary provider of drilling rig hire services and certain associated rig-related services to the ADNOC Group on agreed contractual terms.

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With the IPO in 2021, ADNOC Drilling attracted international investors and capital to expand in the regional market in the Middle East.

ADNOC Drilling has a lot of work secured domestically as ADNOC, the company pumping nearly all the crude oil in the UAE, aims to expand its oil production capacity to 5 million barrels per day (bpd) by 2027.

Now ADNOC Drilling plans to borrow money to refinance expiring debt, as it expects “to be refinancing and up-sizing to fund our growth,” Salem told Bloomberg.

The drilling company is also on the lookout for more acquisitions. It could buy in 2025 two drilling technology firms with a combined value of about $700 million, the executive said.

At the end of last year, ADNOC Drilling and Alpha Dhabi Holding PJSC said that their joint venture Enersol agreed to acquire a 95% equity stake in Deep Well Services (DWS), for approximately $223 million including performance-based payments.

DWS, through Enersol, will play a role in contributing to the development of the UAE’s conventional and unconventional energy resources. Enersol companies will support the delivery of ADNOC Drilling’s recent $1.7 billion contract award to deliver 144 unconventional wells to ADNOC Group by leveraging the various technologies available to it, ADNOC Drilling said in November.

By Charles Kennedy for Oilprice.com

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