UAE-based largest national drilling company ADNOC Drilling Company has announced continued confidence in major business growth and budget resolutions at the inaugural meeting of the newly formed ADNOC Drilling Board.
Further, it welcomed the inclusion of the company in three globally recognized Indices: FTSE Emerging Index, FTSE Global Large Cap Index, and FTSE All-World Index.
According to the reports, this follows the company’s recent highly successful initial public offering (IPO) on the Abu Dhabi Stock Exchange (ADX), which marked the largest-ever ADX listing to date.
The inaugural ADNOC Drilling Board meeting was chaired by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, as well as ADNOC Drilling Chairman. The Board of Directors of ADNOC Drilling approved the company’s ambitious five-year business growth strategy for 2022 to 2026, as well as the budget for 2022.
These key approvals reinforce ADNOC Drilling’s integral position as the sole provider of drilling rig hire and rig-related services to ADNOC, as the company maintains and grows its critical role in enabling ADNOC to meet its 2030 crude oil production capacity target of 5 million barrels per day and achieve gas self-sufficiency for the UAE.
“The inclusion of ADNOC Drilling into three world-renowned FTSE Indices marks another strong endorsement from the global financial markets in both the Company and Abu Dhabi’s thriving equity capital market. It also further increases the attractiveness of ADNOC Drilling’s shares to the international investor community, with the potential to add to the diversification of its overall investor base. ADNOC Drilling will continue to play a pivotal and leading role in enabling ADNOC’s ambitious production capacity growth plans, underpinned by the core resolutions adopted at the inaugural board meeting post-listing, including the Company’s robust business plan, focused on sustained and enhanced growth. The resolutions will ensure that ADNOC Drilling effectively responds to and delivers against the trust investors are placing in the Company, as well as create additional value for ADNOC Drilling’s shareholders and the UAE.”
ADNOC Drilling has been included in three key global FTSE Russell Indices (FTSE Indices), which are used by investors throughout the world to benchmark investment performance and portfolio compositions, adding to the company’s growth momentum and strong market position.
According to the reports, “ADNOC Drilling was included in these key global indices by FTSE after meeting all necessary requirements, less than two weeks after its record ADX listing.”
ADNOC Drilling is pursuing its growth ambitions and is participating in several mega-tenders in Abu Dhabi, as well as expanding its discrete services portfolio and market position in the Oil Field Services (OFS) segment. If awarded, these tenders will expand the Company’s portfolio outside of the Integrated Drilling Services (IDS) segment with awards expected during 2022.
Earlier this month, the company raised $1.1 billion from the IPO. The share offering attracted considerable interest, with total gross demand for the IPO amounting to more than $34 billion, implying an oversubscription level in excess of 31 times.