ADNOC Drilling Company PJSC

ADNOC Drilling has entered into a joint venture with Alpha Dhabi Holding PJSC, marking its first investment in Gordon Technologies. The announcement was made on January 11, 2024.

ADNOC Drilling and Alpha Dhabi have announced a joint venture (JV) incorporated at Abu Dhabi Global Market, aimed at pursuing global investments in energy technology and enhancing tech-enabled energy services. Alpha Dhabi has contributed a 25% stake in US-based Gordon Technologies to the JV, valued at approximately $180 million. The collaboration is expected to accelerate domestic economic development and diversification in Abu Dhabi, bring value accretive returns to shareholders, and support ADNOC Drilling's long-term dividend growth profile. Gordon Technologies is a leading provider of 'measurement while drilling' technology in the oil and gas industry in the US.

The document is a Management Discussion and Analysis Report from ADNOC Drilling Company P.J.S.C for the third quarter of 2023, dated November 14, 2023. The report likely provides insights into the company's financial performance, operational changes, and strategic decisions during this period.

ADNOC Drilling reported a 36% year-on-year increase in net profit to $257 million for the third quarter, with a 16% rise in revenue to $776 million, due to new rigs entering the operational fleet. EBITDA for the quarter was $381 million, a 27% increase from the previous year, leading to a 49% margin. The company also revised its full-year 2023 guidance upwards due to increased earnings visibility. The company's growth in the first nine months of 2023 was driven by increased activity and the expansion of its Oilfield Services. The company's strategy to expand its fleet and service offering has resulted in a total of 134 operational rigs.

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.