Abu Dhabi National Petroleum plans to contract with JPMorgan Chase & Co. and First Abu Dhabi Bank in preparation for a possible insertion of its drilling, according to informed sources.
According to Arab Net, the sources said that ADNOC looks forward to selling a minority stake in its drilling unit in a deal that could value business by up to $ 10 billion. The last known evaluation of the company in 2018, when Baker Hughes bought 5% stake in ADNOC, and the company was evaluated by about $ 11 billion, including $ 1 billion from debt, according to Bloomberg, and Arabic. / p>
Although the government energy company has not given a formal mandate, but the two banks at the lead website to win the administration of public IPO in the Abu Dhabi Securities Market, said the sources said. The sources also remained that ADNOC appoints additional consultants.
According to ADNOC's website, the drilling department is responsible for digging oil and gas resources in the UAE on land and sea. It also has a fleet of 95 drilling platform in the Middle East and a working force of about 7000 engineers.
This comes, while the last public subscription on the Abu Dhabi Stock Exchange is to include the retail sales unit, Abu Dhabi National Distribution Petroleum Company, in 2017.
