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Helmerich & Payne exits Adnoc Drilling: US oil and gas driller Helmerich & Payne (H&P) fully divested its stake in Abu Dhabi National Oil Company (Adnoc)’s drilling unit, Adnoc Drilling, for USD 197 mn, according to a statement (pdf) shared with EnterpriseAM.
Color: EFG Hermes executed an accelerated book build (ABB) for H&P that “attracted a strong group of investors” despite “a challenging geopolitical backdrop,” our friend Ali Khalpey, head of equity capital markets at EFG Hermes, said. The transaction underscores “continued confidence in ADNOC Drilling’s promising future,” he added.
Background: H&P acquired its stake in Adnoc Drilling back in September 2021, making a USD 100 mn cornerstone investment during the company’s IPO, which placed 7.5% minority stake on the ADX. As part of the agreement, Adnoc Drilling also purchased eight FlexRig land rigs from H&P for USD 86.5 mn.
ADVISORS- Our friends at EFG Hermes’ investment banking division served as joint global coordinator for the ABB.
Adnoc Drilling recently sold more shares: Adnoc Drilling sold a 5.5% stake in a secondary sale for USD 935 mn last May, increasing its freefloat in a bid to qualify for MSCI indices. The stronger float saw MSCI add Adnoc Drilling to the MSCI Emerging Markets Index in August.
