ADNOC and Helmerich & Payne Form Strategic Alliance; Helmerich & Payne Makes Cornerstone Investment in ADNOC Drilling IPO

Sep 08, 2021

The Abu Dhabi National Oil Company (“ADNOC”) and its subsidiary ADNOC Drilling Company (“ADNOC Drilling”) and Helmerich & Payne, Inc. (NYSE: HP) (“H&P”), a global leader in rig technologies and drilling solutions, jointly announced today a strategic alliance, that will see ADNOC Drilling acquire eight FlexRig® land rigs from H&P for $86.5 million. Following this transaction, H&P will make a $100 million cornerstone investment into ADNOC Drilling’s recently announced Initial Public Offering (“IPO”).

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