ADNOC Drilling Company on Sunday welcomed the inclusion of the company in three globally recognised Indices: FTSE Emerging Index, FTSE Global Large Cap Index and FTSE All-World Index.
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 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,” Dr. Al Jaber. “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.”
The Company’s Board approved ADNOC Drilling’s ambitious five-year business growth plan for 2022 to 2026, as well as the 2022 budget.
These key approvals reinforce ADNOC Drilling’s integral position as the sole provider of drilling rig hire and rig-related services to ADNOC Group (ADNOC), as the Company maintains and further grows its critical role in enabling ADNOC to deliver on its 2030 crude oil production capacity target of 5 million barrels per day and achieving gas self-sufficiency for the UAE.
Further underpinning the Company’s growth momentum and strong market position, ADNOC Drilling has been included in three major global FTSE Russell Indices (FTSE Indices), which are used by investors around the world to benchmark investment performance and portfolio compositions. 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 successfully completed the IPO of 11 percent of total issued share capital in ADNOC Drilling on the ADX on October 3, 2021. The $1.1 billion offering to qualified international institutional and UAE retail investors, was oversubscribed in excess of 31 times on aggregate. ADNOC Drilling shares rallied 30 percent on listing day and have traded consistently at that level since, closing at AED2.97 on October 14, 2021 up 29.1 percent from the IPO offer price, reinforcing continuously strong investor demand.
Following the listing, ADNOC retains an 84 percent majority-ownership in ADNOC Drilling, with global energy services company Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, retaining a 5 percent share.
International contract oil and gas driller Helmerich & Payne (H&P) holds a 1 percent stake following its IPO cornerstone investment.