Abu Dhabi National Oil Company (Adnoc) has appointed Goldman Sachs to a lead role on a potential initial public offering (IPO) of its drilling business.

Goldman Sachs will work on Adnoc Drilling's public share-sale as global coordinator, joining a large syndicate of advisors on the deal, according to a report by Reuters.

Adnoc could be expected to raise at least $1bn from the potential share sale in Adnoc Drilling, which is estimated to have an enterprise value of $11bn.

Adnoc previously divested a 5 per cent stake in Adnoc Drilling to US oil field services company Baker Hughes, as part of a $550m transaction in October 2018.

Adnoc Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.

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