Latest news with #AbdullaAlMessabi
The National
13 hours ago
- Business
- The National
Adnoc Drilling appoints Abdulla Al Messabi as chief executive
Adnoc Drilling, the Middle East's largest drilling company, has appointed Abdulla Al Messabi as its new chief executive. Abdulrahman Al Seiari, the company's current chief executive, will retire at the end of the year following more than 45 years at Adnoc and Adnoc Drilling. He will remain in an advisory capacity until the end of the year to support a 'smooth and seamless' leadership transition, the company said in a statement on Monday. 'Under his [Mr Abdulrahman's] leadership, the company has transformed into one of the world's largest and most technologically advanced energy services providers,' Dr Sultan Al Jaber, Adnoc managing director and group chief executive and chairman of Adnoc Drilling, said. Mr Al Messabi previously served as chief executive of Adnoc Sour Gas and, before that, chief executive of Adnoc Refining. He will help 'advance Adnoc Drilling's strategy of delivering profitable growth and long-term value creation, while ensuring continued efficiency and performance across all operations', Dr Al Jaber said. Adnoc Drilling owned 142 rigs – 95 onshore and 47 offshore – as of the end of last year, with three new island rigs on order for 2026. The company expects to boost its partnerships and acquisitions in 2025 as its profit grew by nearly a quarter in the first three months of the year. Net profit in the period that ended on March 31 jumped 24 per cent annually to $341 million. Revenue increased by about 32 per cent year-on-year to $1.17 billion. The Abu Dhabi company signed a joint venture agreement with global oilfield services company SLB last month for its land drilling rigs business in Kuwait and Oman, as it seeks to expand beyond the UAE. Last year, the company teamed up with Alpha Dhabi Holding to launch Enersol, a technology-focused venture. It aims to invest $1.5 billion in technology-driven companies in the oilfield services sector by the end of 2025. Enersol has already acquired four companies and has spent $800 million out of a $1.5 billion capital expenditure earmarked through the end of 2025. Mr Al Seiari led Adnoc Drilling through its initial public offering on the Abu Dhabi Securities Exchange in 2022, which was 31 times oversubscribed. Adnoc raised $1.1 billion from the listing. The drilling company raised a further $935 million by selling 880 million additional shares to institutional investors in May last year. The share sale represented 5.5 per cent of Adnoc Drilling's total issued share capital.
Zawya
14 hours ago
- Business
- Zawya
ADNOC Drilling announces appointment of Abdulla Ateya Al Messabi as CEO
Abu Dhabi, UAE – ADNOC Drilling Company PJSC ('ADNOC Drilling' or the 'Company') (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today that the Board of Directors has appointed Abdulla Ateya Al Messabi as the new ADNOC Drilling Chief Executive Officer (CEO). Abdulrahman Abdulla Al Seiari, the Company's current CEO, will retire at the end of the year following more than 45 years of dedicated service to ADNOC and ADNOC Drilling. He will remain in an advisory capacity through the year-end to support a smooth and seamless leadership transition. Commenting on the leadership transition, H.E. Dr. Sultan Al Jaber, ADNOC Managing Director and Group CEO and Chairman of ADNOC Drilling, said: 'We extend our deep appreciation to Abdulrahman for more than four decades of distinguished service to ADNOC and ADNOC Drilling. Under his leadership, the company has transformed into one of the world's largest and most technologically advanced energy services providers. His commitment to operational excellence, safety and national talent development has laid a strong foundation for continued success. 'As we look to the future, we are pleased to welcome Abdulla Ateya Al Messabi as CEO of ADNOC Drilling. With deep operational expertise and a proven leadership track record across the ADNOC value chain, Abdulla is ideally positioned to advance ADNOC Drilling's strategy of delivering profitable growth and long-term value creation, while ensuring continued efficiency and performance across all operations. I am confident that under his leadership, ADNOC Drilling will continue to deliver outstanding results for its shareholders, the UAE, and the wider energy sector.' Al Seiari's retirement marks the culmination of a distinguished career spanning more than 45 years with ADNOC. As CEO of ADNOC Drilling, he led the Company through a historic transformation, including its landmark initial public offering on the Abu Dhabi Securities Exchange, which was 31 times oversubscribed, a record at the time. Under his leadership, ADNOC Drilling has evolved into a high-performing, technology-enabled, future-focused energy services company. Al Messabi brings a wealth of industry experience and a track record in leadership and value creation in diversified and challenging aspects across the energy sector. He previously served as CEO of ADNOC Sour Gas and, prior to that, CEO of ADNOC Refining. His leadership has consistently delivered operational excellence, business transformation, and sustainable growth across ADNOC's upstream and downstream portfolio. His deep expertise in managing complex energy operations and driving strategic expansion will support ADNOC Drilling's continued growth and ambition. ADNOC Drilling remains committed to its industry leadership position and accelerating its strategic priorities, including regional expansion, technology integration and sustainable value growth. About ADNOC Drilling ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol 'ADNOCDRILL'; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in ADNOC's upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables the UAE's gas growth. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain. To find out more, visit: For media inquiries, please contact: For investor inquiries, please contact: ir@
