(WO) – ADNOC Drilling’s inventory has been chosen for inclusion within the prestigious MSCI indexes, efficient publish market shut on August 30, 2024. ADNOC Drilling will probably be included within the MSCI Indexes, together with MSCI EM, and MSCI UAE, after assembly the required standards. The corporate will change into the twelfth member of the MSCI UAE index.
In Could 2024, ADNOC efficiently accomplished a placement to institutional traders 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 required MSCI Index inclusion necessities.
Inclusion in MSCI indexes supplies better visibility amongst international traders and will increase the credibility of the inventory in monetary markets. Inclusion of the ADNOC Drilling inventory is anticipated to spice up liquidity, given the anticipated passive inflows in addition to potential urge for food from lively institutional traders monitoring MSCI indexes.
The MSCI Rising Markets Index (MSCI EM) captures giant and mid-cap illustration throughout 24 Rising Markets (EM) nations. 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, stated, “We’re immensely pleased with ADNOC Drilling changing into a brand new part of the MSCI. This milestone will enable 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 progress, investor focus and, not least, the continual assist of our shareholders.”
ADNOC Drilling is the biggest drilling and built-in drilling companies firm within the Center East by fleet measurement, proudly owning and working one of many largest multi-discipline drilling fleets on the earth.
The corporate is a important 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 progress. ADNOC Drilling integrated IDS into its portfolio in 2018 and now affords a complete resolution of start-to-finish wells and related companies that embody your entire drilling worth chain.
