Abu Dhabi National Oil Company (ADNOC) announced the completion of the sale of an additional stake worth $935 million in ADNOC Drilling Company, its drilling unit listed on the Abu Dhabi Stock Exchange.

The secondary offering witnessed tremendous interest from Gulf and international investment institutions. This reflects the strong confidence in ADNOC Drilling and its ability to achieve sustainable growth.

The sale of this additional stake is an important step within the framework of ADNOC's strategy to diversify its financial sources and maximize value for its shareholders.

Through this strategy, ADNOC seeks to focus on its core areas, which are exploration and production of oil and gas, and transform its business into sustainable businesses with high returns.

The sale of this stake will increase the percentage of freely traded shares in ADNOC Drilling Company to 16.5% of the company’s total shares, while ADNOC will still retain a strategic ownership stake of 78.5%. This aims to improve the liquidity of the stock and attract more investors to the company.

The share price in the secondary offering was set at AED 3.9, a price considered attractive to investors given the intrinsic value of ADNOC Drilling and its promising future prospects.