ADNOC Drilling Company PJSC (ADNOC Drilling or the Company) (ADX symbol: ADNOCDRILL \/ ISIN: AEA007301012), announced today that its inaugural Annual General Assembly approved all agenda items in its meeting (AGM) held on Wednesday, 20th April, 2022.<\/p>\n\n\n\n
Voting on the agenda included approval of the Board\u2019s recommendation to distribute a highly attractive final cash dividend for the fiscal year ending 31st December, 2021, amounting to US$325 million, or 7.46 fils per share, in line with previous guidance. This brings the total dividend to an impressive US$685 million for the full-year 2021.<\/p>\n\n\n\n
The dividend is backed by very robust full year 2021 results which saw revenues increase by 8.2 percent, EBITDA of more than US$1 billion and 6 percent in net income growth. The dividend will be paid to shareholders in accordance with Securities and Commodities Authority (SCA) regulations.<\/p>\n\n\n\n
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), Chairman of ADNOC Drilling, said, “Our shareholders\u2019 approval of the very attractive 2021 final dividend of US$325 million in ADNOC Drilling\u2019s inaugural AGM is cemented by the Company\u2019s strong full year results and its unique role as ADNOC\u2019s sole drilling services provider. ADNOC Drilling will continue to deliver the thousands of wells required for ADNOC\u2019s significant production capacity growth targets, resulting in ongoing demand for drilling services and enabling sustainable growth while ensuring robust future returns for our shareholders.<\/p>\n\n\n\n
“The Company remains committed to a progressive dividend policy and we remain firmly on track to deliver on our objective to achieve 5 percent annual growth in our dividend over the next five years. I am confident ADNOC Drilling will build on the achievements realised in 2021, as it strives to unlock further value.”<\/p>\n\n\n\n
Since its inception in 1972, ADNOC Drilling has gone from strength to strength, culminating in October 2021 when the Company\u2019s record-breaking IPO received an overwhelming response from local and international investors. Building on that momentum, in December 2021, ADNOC Drilling signed a US$3.8 billion long-term drilling contract with ADNOC Onshore and entered into a Framework Agreement with its strategic alliance partner and global onshore drilling leader Helmerich and Payne to enable further growth and unlock efficiencies.<\/p>\n\n\n\n
Abdulrahman Abdalla Al Seiari, Chief Executive Officer of ADNOC Drilling, said, “At the start of 2021, we set out to achieve disciplined growth, deliver on our program for improved operational efficiency, maintain core financial strength, and to list ADNOC Drilling on Abu Dhabi Securities Exchange (ADX). I am pleased to report that we have accomplished all these strategic priorities.<\/p>\n\n\n\n
“Looking across 2022, we expect to accelerate our growth trajectory, driven by our new world-class rigs coming online, continued investments in integrated drilling services and technology, and a laser focus on driving cost efficiencies whilst ensuring we continue to deliver long-term value to our shareholders.”<\/p>\n\n\n\n
In a further elevation to ADNOC Drilling\u2019s growing maturity and stature as a publicly listed company, on 30th March, 2022, it was included among 15 constituents of the newly launched FTSE Russell ADX 15 Index (FADX15). FADX15 is the first co-developed index under ADX\u2019s strategic partnership with FTSE Russell, positioned to be the main benchmark for the ADX market and specifically designed as a tradable index.<\/p>\n\n\n\n
Shareholders attending the AGM, which was hosted as a hybrid event both online and at ADNOC\u2019s Business Centre in Abu Dhabi, passed all other agenda items for the meeting.<\/p>\n","protected":false},"excerpt":{"rendered":"
ADNOC Drilling Company PJSC (ADNOC Drilling or the Company) (ADX symbol: ADNOCDRILL \/ ISIN: AEA007301012), announced today that its inaugural Annual General Assembly approved all agenda items in its meeting (AGM) held on Wednesday, 20th April, 2022. Voting on the agenda included approval of the Board\u2019s recommendation to distribute a highly attractive final cash dividend …<\/p>\n","protected":false},"author":2,"featured_media":14257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-45302","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-economy","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/45302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=45302"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/45302\/revisions"}],"predecessor-version":[{"id":45303,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/45302\/revisions\/45303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/14257"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=45302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=45302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=45302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}