ADNOC Drilling Company PJSC

ADNOC Drilling has announced a new dividend policy that ensures a minimum annual growth of 10% in dividends from 2024 to 2028, resulting in at least 61% cumulative growth over five years. This policy allows the Board of Directors to approve additional discretionary dividends. At least $4.8 billion will be distributed to shareholders during this period, highlighting the company's commitment to attractive shareholder returns. The policy was approved at the General Shareholder Meeting and aims for a minimum cumulative yield of over 27% from 2024 to 2028. Dividends will be paid semi-annually. ADNOC Drilling recently increased its free float to 16.5% following a $935 million institutional placement, benefiting a larger number of shareholders.

ADNOC Drilling and Alpha Dhabi's joint venture, Enersol, has increased its equity stake in Gordon Technologies to 67.2% by acquiring an additional 42.2% for approximately $270 million. This acquisition will make Enersol the majority equity holder in Gordon Technologies, which has established a business in Abu Dhabi to commence field operations in the MENA region. The transaction, funded 80% upon closing and the remainder over two years subject to performance conditions, is pending regulatory approval. Gordon Technologies, a debt-free provider of measurement while drilling (MWD) technology, is expected to bring profitability and operational efficiencies to Enersol. The acquisition aligns with the UAE’s energy security and economic diversification goals.

The Abu Dhabi Securities Exchange has issued a general disclosure, including a press release from Abu Dhabi National Oil Company (ADNOC), the current majority shareholder of ADNOC Drilling Company PJSC. The disclosure was signed by the Chief Executive Officer, Abdulrahman Abdulla Al Seiari, and a copy was sent to the Securities and Commodities Authority.

The Abu Dhabi Securities Exchange has received a press release from the Abu Dhabi National Oil Company (ADNOC). ADNOC, which currently owns 84% of the ordinary shares in ADNOC Drilling Company PJSC, has made a general disclosure. A copy of this communication has also been sent to the Securities and Commodities Authority.

On 13th May 2024, the Board of Directors of ADNOC Drilling Company PJSC held a meeting and approved the company's financial statements for Q1 2024. The Board also discussed the company's dividends policy and agreed to recommend a new progressive dividends policy, with dividends growing by at least 10% per annum for five years, and potential additional dividends at the Board's discretion. This recommendation will be presented for shareholders' approval at an upcoming general assembly meeting. Additionally, the Board was informed that the company secured a $1.7 billion contract to explore unconventional energy resources in the UAE.

The Abu Dhabi Securities Exchange has issued a circular resolution on 22 March 2024, announcing changes in the Board of Directors of ADNOC Drilling Company PJSC. Dr. Sultan Ahmed Al Jaber has been elected as the Chairperson and Abdulmunim Saif Alkindi as the Vice Chairperson. The resolution also includes the appointment of members for the Board Committees, with Abdulmunim Saif Alkindi as the Chair of the Executive Committee. Other members of the Executive Committee include Khalid Abdul Samad, Fahad Al Ameri, Mohamed Al Aryani, Dr. Abdulla Al Jarwan, and Omar Sharaf.