Shearman And Sterling

News October 06, 2021

ADNOC Lists ADNOC Drilling in Benchmark IPO

Shearman & Sterling advised Abu Dhabi National Oil Company (ADNOC) and ADNOC Drilling Company PJSC (ADNOC Drilling) in connection with the initial public offering of ADNOC Drilling on the Abu Dhabi Securities Exchange (ADX).

The listing raised over $1.1 billion, making the ADNOC Drilling IPO the largest-ever ADX listing to date and saw significant interest, with total gross demand of over $34 billion, implying an oversubscription level in excess of 31 times. As of the listing date, ADNOC Drilling is among the top 10 largest companies on the ADX, with a market capitalization at listing of approximately $10 billion.

ADNOC Drilling was founded in 1972 and is the largest national drilling company in the Middle East by rig fleet size as well as the sole provider of drilling rig hire services and certain associated rig-related services to ADNOC Group.

The Shearman & Sterling team below included associate Eoin Coffey (Abu Dhabi–Project Development & Finance) and was also assisted by legal counsel (secondee) at ADNOC Group, John Loubriel.

The Team