Abu Dhabi, UAE — ADNOC has announced its intention to float a 15 percent minority stake in ADNOC Logistics & Services on the Abu Dhabi Securities Exchange (ADX).
The offering is expected to open on May 16, 2023, subject to regulatory approvals and other relevant considerations.
ADNOC L&S is a logistics services provider to ADNOC Group, offering highly-specialized services across the energy value chain. The company has one of the largest and most diverse shipping fleets in the region and is among the largest operator and owner of self-propelled Jack-up barges. It also operates one of the largest integrated energy supply bases in the UAE, and provides shipping, end-to-end logistics and marine services to its customers.
Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, said,ADNOC L&S was there leading energy logistics and maritime services provider.
“The planned offering marks another important milestone for ADNOC and the UAE and cements ADNOC’s role as a catalyst to further grow and diversify Abu Dhabi’s buoyant capital market,” Al Zaabi said.
ADNOC Group services over 100 global customers and ships to more than 50 countries, utilising a fleet of more than 500 modern and advanced vessels, including 245 owned vessels. The company’s strategy for continued growth is underpinned by a $4-5 billion growth capital expenditure program in the medium term that will focus on expanding the scope of services provided to ADNOC Group companies, while continuing to focus on decarbonization efforts that support the energy transition in the UAE.