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The board of directors of ADNOC Drilling Co., a subsidiary of Abu Dhabi’s national oil company ADNOC, has passed a resolution approving a term loan facility of up to $1.5 billion and a revolving credit facility of up to 1.84 billion dirhams ($501 billion).
The term loan facility will be used to repay the existing syndicated term loan for an equal amount which expires in November 2023, the company said in a filing on Friday on the ADX where its stock is listed.
The new dirham revolving credit facility will fund the company’s growth and the associated working capital, it added.
ADNOC Drilling plans to expand its fleet of rigs to 140 by 2024, CEO Abdulrahman Abdullah Al Seiari said last year.
(Writing by Brinda Darasha; editing by Seban Scaria)
