Abu Dhabi’s Adnoc Offers $900 Million Stake in Drilling Unit (1)

The United Arab Emirates’ biggest oil company offered a 5.5% stake in its drilling unit to investors in a rare such deal for the region.

State-run Abu Dhabi National Oil Co. plans to offload about 880 million shares in Adnoc Drilling Co.that will help raise liquidity and widen its shareholding, according to a statement. Investors had put in orders for all the shares being offered within an hour of the deal launching, terms of the deal obtained by Bloomberg News show.

Adnoc Drilling’s stock closed at 4.13 dirhams in Abu Dhabi on Wednesday, valuing the offering at about 3.3 ...