ADNOC Drilling, a unit of the United Arab Emirates' state oil giant, is looking to refinance debt maturing later this year worth an overall $1.25 billion, its chief financial officer said on
ADNOC Drilling, a unit of the United Arab Emirates' state oil giant, is looking to refinance debt maturing later this year worth an overall $1.25 billion, its chief financial officer said on Friday.
The company will refinance a term loan worth $500 million and revolving facility for $750 million maturing in Oct. 2025, CFO Youssef Salem told Reuters.
He added that capital expenditure for 2025, including mergers and acquisitions, also through its subsidiaries, could exceed $1 billion.
The company expects to post a net profit of between $1.35 billion and $1.45 billion this year, it said on Thursday as it unveiled earnings for last year.
Its 2019 partnership with Baker Hughes and recent deals, such as joint ventures Turnwell Industries and Enersol, allowed it to execute oilfield services from start to finish without third parties and also provide such services overseas, Salem said.
Turnwell is a joint venture with oilfield services firms SLB and Patterson-UTI, established to tap unconventional energy resources, or oil and gas that require advanced extraction methods.
Enersol is a tech-focused joint venture with Alpha Dhabi, a subsidiary of Abu Dhabi's International Holding Company (IHC).
Enersol's technology has allowed ADNOC to increase its U.S. footprint, giving it "exposure
Content Original Link:
" target="_blank">
