The Abu Dhabi National Oil Company (ADNOC) announced its intention to offer a 7.5% stake in the shares of ADNOC Drilling for an initial public offering on the Abu Dhabi Securities Exchange.

The company said in a statement that the size of the offering will be 7.5 percent of the issued capital of ADNOC Drilling, while ADNOC reserves the right to increase the size of the offering at any time before pricing it.

This is the second public offering of a company owned by Abu Dhabi Petroleum Company, after the listing in 2017 of ADNOC Distribution, the largest operator of petrol stations in the UAE.