ADNOC Drilling Company PJSC

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.

The Board of Directors of ADNOC Drilling Company P.J.S.C. has announced the opening of nominations for its Board membership from February 21, 2024, to March 2, 2024. Shareholders who meet the criteria can submit their applications for the roles of Executive Director, Non-Executive Director, or Independent Director. The board will be made up of seven members. Candidates must comply with UAE Federal Law No. (32) of 2021 and the Chairman of Authority’s Board of Directors’ Decision no. (3 / Chairman) of 2020. All applications and supporting documents must be submitted to aboardsecretary.drilling@adnoc.ae by 3:00pm UAE time on March 2, 2024. The list of nominees will be published on the company's website and provided to the Securities and Commodities Authority and the Abu Dhabi Securities Exchange after the nomination period closes.

ADNOC Drilling Company has reported robust financial results for 2023, with a net profit exceeding $1 billion, marking a 29% increase year-on-year. The company's revenue also saw a 14% increase to $3.06 billion, driven by operational growth and the addition of new rigs to the fleet. EBITDA reached $1.5 billion, with a 49% margin. The Board of Directors has recommended a final cash dividend of $358 million, a 5% increase from 2022. The company also provided its full-year 2024 and medium-term guidance, reaffirming its growth focus.

The text appears to be the cover or introductory page for ADNOC Drilling Company P.J.S.C.'s Year End 2023 Earnings report. The report, which includes a Management Discussion & Analysis section, was released on February 12, 2024.