ADNOC Drilling Company PJSC
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Latest Pressrelease Summaries
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ADNOC Drilling and Alpha Dhabi have agreed to establish a $1.5 billion joint venture (JV) to invest in technology-enabled companies in the oilfield services and energy sectors. ADNOC Drilling will own 51% of the JV, and Alpha Dhabi will hold 49%. The JV will leverage ADNOC Drilling’s technology ecosystem and be jointly controlled by both companies. This partnership aims to further develop ADNOC Drilling’s integrated drilling and oilfield services offering, enhance operational efficiencies, and support ongoing decarbonization efforts. The JV will also identify potential transactions that add value to both shareholders.
The Board of Directors of ADNOC Drilling Company PJSC has approved a strategic partnership between its wholly-owned subsidiary, ADH RSC LTD, and Alpha Dhabi Holding P.J.S.C, as of 10th November 2023. This follows a previous disclosure dated 7th November 2023. The information was shared by Mann El Aydi, the Company Secretary.
The Company Secretary of ADNOC Drilling Company PJSC, Mann El Aydi, has issued a notice about a meeting of the Board of Directors scheduled for 13 November 2023 at 3:30 PM. The agenda for the meeting includes a review of the company's financial statements for the third quarter, which ended on 30 September 2023, and a discussion of other general business matters. A copy of this notice has also been sent to the Securities and Commodities Authority.
The Company Secretary of ADNOC Drilling Company PJSC, Mann El Aydi, has notified the Abu Dhabi Securities Exchange's Disclosures and Compliance Section that a circular resolution will be distributed to the company's Board of Directors at 3 PM on Friday, 10 November 2023. This resolution is to consider a strategic matter related to the company. A copy of this notification has also been sent to the Securities and Commodities Authority.
On October 27, 2023, the Board of Directors of ADNOC Drilling Company PJSC announced their approval of a term loan facility of up to US$ 1.5 billion and a revolving credit facility of up to AED 1.84 billion. The term loan facility will be used to repay an existing syndicated term loan of the same amount, which is due in November 2023. The new revolving credit facility will be used to fund the company's growth and associated working capital.