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Adnoc and Helmerich & Payne announce ‘strategic alliance’

Adnoc and Helmerich & Payne announce ‘strategic alliance’

Abu Dhabi National Oil Company (Adnoc), and its subsidiary Adnoc Drilling, have announced a ‘strategic partnership’ with Helmerich & Payne (H&P), a global leader in rig technologies and drilling solutions. Under the deal, announced on Wednesday, Adnoc Drilling will acquire eight FlexRig land rigs from H&P for $86.5 million. In turn, following the transaction, H&P

Abu Dhabi National Oil Company (Adnoc), and its subsidiary Adnoc Drilling, have announced a ‘strategic partnership’ with Helmerich & Payne (H&P), a global leader in rig technologies and drilling solutions.

Under the deal, announced on Wednesday, Adnoc Drilling will acquire eight FlexRig land rigs from H&P for $86.5 million.

In turn, following the transaction, H&P will make a $100m cornerstone investment into Adnoc Drilling’s initial public offering (IPO).

Earlier this week, Adnoc announced its intention to float a 7.5 percent minority stake of Adnoc Drilling on the Abu Dhabi Securities Exchange through an IPO.

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Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc managing director and group CEO, said: “This exciting alliance and value creation opportunity will provide Adnoc Drilling with access to new world-class rigs and services, enabling it to continue to support Adnoc in our ambitious production capacity expansion plans.

“H&P’s cornerstone investment in our planned Adnoc Drilling IPO further reinforces Adnoc’s continued success as a primary catalyst in attracting leading global investors and industry partners into Abu Dhabi and the UAE.”

The strategic alliance and rig acquisition will support Adnoc’s target of reaching 5 million barrels-per-day production capacity and gas self-sufficiency for the UAE by 2030.

John Lindsay, H&P’s president and CEO, said: “Our investment in Adnoc Drilling is an additional step in the execution of our international growth strategy to allocate additional capital outside the US and serves as a testament of our believe in what Adnoc Drilling and H&P can achieve together.”

Moelis & Company acted as exclusive financial advisor to Adnoc. Morgan Stanley was exclusive financial advisor for H&P.

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