Arab Finance: EFG Hermes’ investment banking division has concluded an accelerated book build (ABB) on behalf of Helmerich & Payne (H&P), an emailed press release showed.

The transaction covers the full divestment of H&P’s stake in ADNOC Drilling, valued at $197 million.

EFG Hermes served as joint global coordinator for the ABB, facilitating H&P’s exit from ADNOC Drilling.

“Despite a challenging geopolitical backdrop, the offering attracted a strong group of investors, underscoring continued confidence in ADNOC Drilling’s promising future,” Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said.

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