ADNOC Drilling Sign $2 Billion Loan and Credit Facilities

ADNOC Drilling, one of the subsidiaries of Abu Dhabi National Oil Company (ADNOC), on Friday said that it has signed a term Loan Facility of up to $500 million and a Revolving Credit Facility of up to $1.5 billion.

The company, however did not disclose the financial institutions that would providing the loans.

While the Term Loan Facility will be utilised to refinance the existing syndicated term loan of an equivalent amount, which matures in October 2025, the Revolving Credit Facility will be used to support the company’s growth initiatives and related working capital requirements, ADNOC Drilling said in a regulatory disclosure with Abu Dhabi Securities Exchange (ADX) this morning.

Second Acquisition

It may be recalled that the company is said to be eyeing a second acquisition in Kuwait or Oman by early 2026, following its $112 million Schlumberger agreement, and is also pursuing two tech-linked acquisitions worth about $350 million through its Enersol JV with Alpha Dhabi.

According toa report in Bloomberg, which cited ADNOC Drilling’s Chief Financial Officer Youssef Salem, the transaction would be similar in size and structure to the $112 million purchase of the land drilling businesses of US oil and gas wells drilling company Schlumberger Middle East (SLB) in Kuwait and Oman in May this year.

Supported by continued rig fleet expansion and rising demand for onshore and oilfield services, ADNOC Drilling’s net income rose 19% y-o-y to $351 million in the second quarter of 2025, while revenue for the quarter climbed 27.9% y-o-y to $1.2 billion.