ADNOC Drilling Company PJSC

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.

The General Assembly Meeting of ADNOC Drilling Company PJSC was held on 13 March 2024, from 3:30 p.m. to 4:30 p.m. at the Abu Dhabi Energy Center and virtually. The meeting was chaired by Dr. Sultan Ahmed Al Jaber, the Chairman of the Board of Directors, with 86.4074% quorum. The assembly approved the Board's report on the company's activities and financial position, the independent auditor's report, the balance sheet and profit and loss account for the financial year ended 31 December 2023. The assembly also approved a cash dividend distribution of AED 1.316 billion for the second half of the financial year and a total payment of AED 35,460,000 to the Board of Directors as remuneration. Lastly, the assembly discharged the Board members and external auditors of liability for the year ended 31 December 2023.

The General Assembly Meeting of the ADNOC Drilling Company PJSC took place on 13th March 2024, both in person and virtually. The meeting, chaired by Dr. Sultan Ahmed Al Jaber, had a quorum of 86.4074% of the total attendance. The assembly approved the Board of Directors' report on the company's activities and financial position for the year ended 31st December 2023. The independent auditor's report, the company's balance sheet, and profit and loss account for the same period were also approved. The assembly agreed to a cash dividend distribution of AED 1.316 billion for the second half of the financial year, bringing the total cash dividend to AED 2.632 billion. The payment of AED 35,460,000 to the Board of Directors as remuneration for the financial year ended 31st December 2023 was approved. The assembly also discharged the board members and the external auditors of liability for the year ended 31st December 2023.

Resolution No. 325 of 2024 temporarily suspends trading of ADNOC Drilling Company PJSC shares on the ADX, effective from March 14, 2024. The suspension is due to the company not submitting their Assembly meeting result. The trading will resume once the results are disclosed. All department heads at ADX are responsible for implementing this resolution. The resolution is to be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution has been approved by the authorised person and was issued on March 14, 2024.

ADNOC Drilling has received shareholder approval for a final 2023 dividend of $358 million, bringing the total 2023 dividend to $717 million, a 5% increase compared to 2022. The company reaffirmed its commitment to delivering attractive shareholder returns and a progressive dividend policy. The company also outlined its growth strategy for 2024, which includes embracing AI, digitization, and advanced technologies. The dividend will be paid around April 3, 2024, to all shareholders of record as of March 21, 2024.

The ADNOC Drilling Company PJSC held a General Assembly meeting on 13th March 2024, chaired by Dr. Sultan Ahmed Al Jaber. The meeting had a quorum of 86.4074% and was held in-person and virtually. The assembly approved the company's activities, financial position, balance sheet, and profit and loss account for the financial year ended 31 December 2023. It also approved a cash dividend distribution of AED 1.316 billion for the second half of 2023 and a total cash dividend of AED 2.632 billion for the year. The payment of AED 35,460,000 to the Board of Directors as remuneration for 2023 was also approved. The assembly discharged the Board of Directors and external auditors of liability for the year ended 31 December 2023.

On 8th March 2024, the Abu Dhabi Securities Exchange announced the nominees for the Board of Directors of ADNOC Drilling Company PJSC. The nominees are H.E. Dr. Sultan Al Jaber, Abdulmunim Saif Al Kindy, Musab beh Helal Al Kaabi, Khaled Mohamed Al Zaabi, Dr. Abdulla Humaid Al Jarwan, Mohamed Saif Al Aryani, and Katherine Wallgren. The notification was signed by CEO Abdulrahman Abdulla Al Seiari and a copy was sent to the Securities and Commodities Authority. All parties consented to the document being signed electronically.