Adnoc has yet to even finalize pricing of the IPO of its drilling unit (MEES, 10 September), Adnoc Drilling, but it has already secured the commitment of a $100mn investment. US firm Helmerich & Payne (H&P) has committed to invest the figure “at the IPO price,” and the investment will be “subject to a three-year lock up.” H&P is also selling eight rigs to Adnoc Drilling for $86.5mn.
In an 8 September announcement, Adnoc said the strategic alliance “will support Adnoc Drilling in further driving operational excellence through maintenance efficiencies, supplementing supply-chain capabilities, and adding engineering and rig design competencies. The alliance will also deliver more competitive well completion times, greater drilling efficiencies and improved well economics.” (CONTINUED - 180 WORDS)
