Abu Dhabi – Mubasher: Abdul Rahman Al-Saiari, CEO of ADNOC Drilling, said that the company is in a strong financial position and has promising growth opportunities..
He added that the company enjoys strong historical revenues with a compound annual growth rate of 7% during the period 2018 to 2020, stressing that the company is committed to achieving maximum value for new shareholders, according to an interview with Sky News Arabia.
He explained that the company achieved an average of 50% EBITDA margin during the 3-year period from 2018 to 2020.
He pointed out that the company benefits from a contractual relationship with ADNOC and its companies that helps it achieve solid profit margins with flexible and stable performance in the face of market fluctuations.
He pointed out that drilling serves ADNOC’s goals, and this helps it increase its operations and expand its drilling fleet in general.
The ADNOC Group announced yesterday, Monday, its intention to offer a share of at least 7.5% of ADNOC Drilling shares for subscription on the Abu Dhabi Securities Exchange through an initial public offering, with a nominal value of 0.10 dirhams.
Baker Hughes’ stake in ADNOC Drilling will remain unchanged at 5%.
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