Arabian Drilling to vote on current board termination, 2025 dividend freeze on Oct. 22

01/10/2025 Argaam
Logo ofArabian Drilling Co.

Logo of Arabian Drilling Co.

Arabian Drilling Co.’s shareholders will vote on terminating the current board term ending on Nov. 1, 2025, during an extraordinary general meeting (EGM) to be held on Oct. 22.

 

Shareholders will also vote on electing board members for the upcoming four-year term ending on Nov. 1, 2029.

 

Other agenda items include voting on the board recommendation to transfer the statutory reserve balance of SAR 267 million to retained earnings.

 

Additionally, shareholders will vote on the board proposal to suspend paying dividends for 2025.

 

Arabian Drilling’s board of directors earlier recommended a dividend freeze for 2025, given recent changes in rig demand in Saudi Arabia, growing capital expenditures on the company’s fleet, and future regional expansion plans, Argaam’s data indicated.

 

On Sept. 27, the board proposed the early termination of its current term, which commenced on Nov. 1, 2021, and was scheduled to end on Nov. 2, 2026, in order to align with the new Companies Law.

 

If approved, the new board term will be adjusted to begin on Nov. 2, 2025, and end on Nov. 1, 2029.

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