Helmerich & Payne (H&P) will buy into Adnoc Drilling’s upcoming IPO, with the Abu Dhabi company buying eight land rigs from the US company.
Abu Dhabi National Oil Co. (ADNOC) is planning to sell shares in its drilling unit in what would rank among the largest initial public offerings (IPO) in the United Arab Emirates.
ADNOC has dished out a unified drilling contract worth $763.7million, with Schlumberger and Halliburton landing sizeable shares.
Shelf Drilling has reported an early termination for two of its rigs, both of which were contracted to Adnoc Drilling.
Innovation and new approaches are dominating ADNOC’s drive for new sources of gas.
Baker Hughes is shoring up its position in Abu Dhabi, opening a new wellhead repair and maintenance facility in the country last week, while talking up its various positions in the region.