ADNOC Drilling to Seek $1 Billion Financing to Fund Growth

ADNOC Drilling Company, the drilling unit of Abu Dhabi’s national oil company, plans to borrow $1 billion from banks this year to refinance expiring debt, the company’s CFO Youssef Salem told Bloomberg Television in an interview on Friday. ADNOC listed ADNOC Drilling in 2021 in what was one of the largest share sales in the United Arab Emirates (UAE) at the time. ADNOC Drilling, the largest national drilling company in the Middle East by rig fleet size, is the primary provider of drilling rig hire services and certain associated rig-related…