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Shareholders of Arabian Drilling Co. vote against a proposed dividend pause for 2025 and elect new board members.
Arabian Drilling Co.’s shareholders rejected the board of directors’ recommendation to withhold dividends for 2025 during the extraordinary general meeting (EGM) held on Oct. 22.
They approved ending the current board’s term, which will expire on Nov. 1, 2025, the company said in a statement to Tadawul.
Shareholders also ratified the election of new board members for the next four-year term, starting Nov. 2.
The elected members are Muhammad Al Dawood, Ugo Mathieu, Jesus Lamas, Adel Al Ghadhban, Alaa Dashash, Tarek Rizk, Ghazi Al Rawi, Omar AlHusaini, and Adnan Ghabris.
In addition, shareholders approved the board's recommendation to transfer the statutory reserve balance of SAR 267 million, based on H1 2025 financials, to retained earnings.
According to Argaam data, the board in July had recommended withholding 2025 dividends, in light of recent changes in rig demand in Saudi Arabia, continued capital expenditures on the company’s fleet, and its future plans for regional expansion.
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