(WO) – ADNOC Drilling’s inventory has been chosen for inclusion within the prestigious MSCI indexes, efficient put up market shut on August 30, 2024. ADNOC Drilling will likely be included within the MSCI Indexes, together with MSCI EM, and MSCI UAE, after assembly the mandatory standards. The corporate will develop into the twelfth member of the MSCI UAE index.
In Could 2024, ADNOC efficiently accomplished a placement to institutional buyers of 880 million shares in ADNOC Drilling for $935 Million. This represented 5.5% of ADNOC Drilling’s complete issued and excellent share capital and elevated the Firm’s free float to 16.5%. This improve within the free float allowed the Firm to satisfy all the mandatory MSCI Index inclusion necessities.
Inclusion in MSCI indexes offers better visibility amongst international buyers and will increase the credibility of the inventory in monetary markets. Inclusion of the ADNOC Drilling inventory is predicted to spice up liquidity, given the anticipated passive inflows in addition to potential urge for food from energetic institutional buyers monitoring MSCI indexes.
The MSCI Rising Markets Index (MSCI EM) captures giant and mid-cap illustration throughout 24 Rising Markets (EM) international locations. The MSCI United Arab Emirates (UAE) Index (MSCI UAE) is designed to measure the efficiency of the massive and mid-cap segments of the UAE market.
Commenting on the inclusion within the MSCI, Abdulrahman Abdulla Al Seiari, Chief Govt Officer, ADNOC Drilling, mentioned, “We’re immensely pleased with ADNOC Drilling changing into a brand new part of the MSCI. This milestone will permit ADNOC Drilling to additional broaden and diversify its investor base and make its distinctive enterprise mannequin and return profile extra seen to the worldwide markets. This achievement outcomes from our unwavering dedication to operational excellence and security, sustainable development, investor focus and, not least, the continual assist of our shareholders.”
ADNOC Drilling is the most important drilling and built-in drilling companies firm within the Center East by fleet dimension, proudly owning and working one of many largest multi-discipline drilling fleets on the earth.
The corporate is a essential hyperlink in ADNOC’s upstream enterprise, as ADNOC accelerates its manufacturing capability targets in gentle of worldwide growing demand for vitality and allows the UAE’s gasoline development. ADNOC Drilling integrated IDS into its portfolio in 2018 and now presents a complete resolution of start-to-finish wells and related companies that embody the whole drilling worth chain.