Ladies and gentlemen, welcome to the ADNOC Drilling's first quarter 2024 earnings webcast and conference call. My name is Max Cominelli, Vice President of Investor Relations. Before handing the floor over to the main speakers, I would like to draw your attention to the disclaimer that you find in the second slide, which I encourage you to read carefully. The text contains important information. We advise caution in the interpretation and limits of historical data and forward-looking statements. I would like to remind you that this presentation and the recording of this call will be available on our website shortly after the end of the call. Today's presenters are our Chief Executive Officer, Abdulrahman Abdulla Al Seiari, and our CFO, Youssef Salem. As always, after the presentation, we will have a Q&A session, where we will be happy to answer your questions. I will now hand over the call to our CEO, Mr. Abdulrahman, who will lead you through the strategic developments and the key highlights of the quarter. Salaam Alaikum. Thank you, Max, and welcome all. Good day. I'm really pleased to be here today to discuss the company's first quarter 2024 results, along with the value-added strategic developments. As a strategic partner at the heart of ADNOC Offshore, we continue to execute our strategy, delivering long-term value to our clients, shareholders, and the UAE, with the utmost attention to safety and the environment. For the first quarter of 2024, our total recordable incident rate was 0.63, which is in line with our target. The strong commitment to the highest HSE standards remains our number one priority. Additionally, we are also on track on our emissions targets. On the financial side, Q1 2024 revenue grew 24% year-on-year, to $886 million, with EBITDA rising even faster, an impressive 51% year-on-year, allowing us to keep delivering an industry-leading margin of 49%. We also experienced excellent growth in our net profit, which increased 26% year-on-year to $275 million, reiterating our continued growth. Our journey to become one of the world's largest owned and operated drilling fleet continues. During the quarter, we added 8 rigs. All of those rigs are hybrid land rigs, which supports our ESG agenda. With these additions, the owned fleet at the end of March 2024 stood at 137 rigs, including four leased to own land rigs. We remain committed to our future growing strategy after successfully completing our first investment in Gordon Technologies under our JV in Enersol. Reflecting our results and continued significant growth, the board of directors is recommending an enhanced progressive dividend policy that will see dividends grow by at least 10% per annum for the next five years, setting a higher minimum growth rate. Also today, we announced a transformative step in our company with the award of a contract for $1.7 billion for the development of the unconventional energy resources in the UAE. Next slide. The contract is set to be served by a newly established company, Turnwell Industries, that we expect to effectively consolidate. We are partnering in Turnwell with strategic players and have signed a term sheet with both SLB and Patterson-UTI. By establishing Turnwell, we aim to focus on the execution and exploration of the unconventional resources. The first phase is for 144 oil and gas wells over the next 2+ years. Abu Dhabi today holds an estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place. The opportunity in the unconventional energy presents outstanding scale, with the production potential comparable to some of the most relevant and conventional energy resources in the United States. This huge potential brings to us a transformational opportunity, as the UAE's unconventional energy resources will require many thousands more wells to be drilled, and ADNOC Drilling is in the prime position to deliver them. I will now hand over to Youssef, our CFO. Thank you, Mr. Abdulrahman, and good day from me as well. As you know, we operate one of the world's largest integrated drilling services companies by rig fleet size. Over the first quarter, we added to the fleet a total of eight hybrid land rigs, bringing our total rig count to 137 rigs, up 19% year-on-year, an impressive annual growth. We are very proud of the progress achieved, supporting ADNOC in reaching a production capacity of 4.85 MMbpd and on track to successfully achieve 5 MMbpd capacity by 2027, with 142 rigs. The eight hybrid rigs are gradually beginning operations, with the majority of them expected to commence in the middle to end of the second quarter. Drilling activity remained robust as we drilled 139 wells in the first quarter, broadly in line year-on-year. Rig availability increased to 97% versus 96% in Q1 last year. The OFS business continued a strong performance, with 13% overall improvement in Q1 2024. Integrated drilling services, drilling efficiency versus last year's benchmark. Moreover, we performed IDS on 49 rigs in the quarter, nine more compared to Q1 last year, and one more versus Q4 2023. Moving on to our decarbonization initiatives. Next slide, please. Starting with camps emission reductions. There has been good progress in Q1, with our Madinat Zayed camp having been connected to the grid since February, while our Tarif camp is scheduled for connection by the second quarter of 2024, followed by our Habshan and Bu Hasa camps in the second half of the year. Moreover, we completed the installation of our first solar panels to power a mobile camp. As you know, we ordered new hybrid land rigs, most of which are already laid up, while also implementing a battery energy storage system, which will be installed in new build rigs and select existing rigs. Also, some of the 16 hybrid rigs ordered in full year 2023 already commenced operations, while the remaining will be deployed throughout the rest of 2024. With regards to sustainability initiatives, we are monitoring consumption to identify gaps and areas of improvement, optimizing diesel consumption to meet reduction targets while further electrification initiatives remain under evaluation. In addition to our current initiatives and efforts, we expect our joint venture, Enersol, to play a key role in supporting our decarbonization agenda. Moving now on to the financials. Next slide, please. I'm happy to say that we had a record first quarter, kicking off 2024 on a very positive note. We delivered our highest ever quarterly revenue of $886 million, up 24% year-over-year. This then translated into an EBITDA growth of 31% year-over-year to $437 million, with a margin of 49%, while net profit grew 26% to $275 million. Sequentially, revenue increased 5% and EBITDA grew 3%. Before heading into net income, I would like to highlight two new line items in our income statement for the quarter. Firstly, starting from this quarter, Enersol financial results have been accounted for by ADNOC Drilling through the equity method in the share of profit of joint venture line of the income statement. It's still a small contribution, as we closed the first deal only in January, but will grow significantly over time. Secondly, as you know, this was our first quarter since the Abu Dhabi taxes were applicable to ADNOC Drilling. The company accrued $27 million in taxes in Q1 on the back of the introduction of a 9% income tax from January 1, 2024. We have invoiced our clients for the reimbursement of these taxes. On the bottom line, excluding the one-off full year's impact in Q4 depreciation discussed during our last earnings call, net profit was down 4% sequentially, mainly driven by higher interest expenses. Cash from operations stood around $347 million at the end of the first quarter, up from $226 million in the same period last year. This was driven by higher profits and positive working capital evolution, driven by continuous focus on collections from clients. Net working capital as a percentage of revenue stood at 11% at the end of the first quarter of 2024, a significant improvement year-over-year, driven by collections. The normalized ratio at the end of Q1 was 12% and stable versus Q4, once adjusted for the impact from phasing of capital expenditure related payments at quarter end. Cash CapEx for the quarter, excluding prepayments and accruals, stood at $110 million as we continue to deliver on the rig acquisition program. We expect CapEx to be in a range between $750 million and $950 million for 2024. The balance sheet remains healthy, with net debt of around $2.1 billion at the end of March, leading to a leverage ratio at 1.3x EBITDA. Let's look at revenue for the different sectors. Next slide, please. In onshore, first quarter revenue increased 16% year-on-year to $411 million from $355 million, driven by increased onshore activity on the back of new rigs commencing operations. Sequentially, revenue in the first quarter decreased 1% due to less operating days in the quarter. Moreover, as you may recall, fourth quarter 2023 benefited from the positive impact from long-range rig moves, excluding which, segment revenue would have increased sequentially by 3%. Offshore jackup had another remarkable quarter, with first quarter revenue increasing 51% year-on-year to $278 million from $184 million. This was mainly driven by higher activity from the additional jackup rigs. The contribution from the jackups that started in December 2023 led to a sequential revenue growth of 24% versus the fourth quarter of 2023. Moving on to offshore island, the first quarter revenue amounted to $51 million, in line with first quarter of 2023, as activity was broadly stable year-on-year. Sequentially, first quarter revenue decreased 2%, driven by less operating days in the quarter. In oilfield services, first quarter revenue increased 16% year-on-year to $146 million from $126 million, driven by increased activity in drilling fluids and directional drilling. Sequentially, first quarter revenue decreased 1%, mainly due to activity phasing, for example, lower frac activity in the first quarter. We expect the overall volume of activity of the segment to increase throughout the year, in line with plan phasing and driven by IDS rig ramps up and unconventional. Now let's see the next slide, what revenue performance meant for EBITDA. Over to the next slide. Starting with onshore, EBITDA for the first quarter increased 10% year-on-year to $190 million, with a margin of 46%, supported by realized cost efficiencies. Sequentially, EBITDA decreased 6% to $190 million from $103 million on account of higher operating expenses, driven by incremental manpower costs, mobilization costs incurred for our operations in Jordan, along with associated costs for rigs which commenced operation in the quarter. This was partially offset by cost efficiency measures. Offshore jackup EBITDA in the first quarter grew 73% year-on-year to $182 million, with an industry-leading margin of 65%, representing an expansion of around eight percentage points. Sequentially, EBITDA increased 23%, driven by strong revenue growth. In offshore island, the first quarter EBITDA decreased slightly to $31 million in the quarter from $32 million in the prior year, with a margin of 61% due to stable revenue and slightly higher OpEx. Sequentially, EBITDA decreased 6% due to a moderate increase in maintenance costs related to three rigs gradually restarting operations later in the year, starting from the second quarter. I would like to highlight that given the contractual framework with the client, the restart of operations of these rigs is not expected to substantially contribute to an increase in this. Lastly, OFS EBITDA increased 48% year-on-year to $34 million, with margin improvement of four percentage points to 23%. This was supported by a $2 million share of net profits from Enersol joint venture. Sequentially, EBITDA decreased 15%, driven by lower margin activity mix, with more directional drilling and lower frac activity. Next slide, please. Following another record first quarter, we can say that we are on track with our full year 2024 and medium-term guidance. Our guidance includes only the contribution of the initial phase of unconventional, while it does not cater for the second phase, which could unlock significant contribution from the potential delivery of thousands of rigs, as mentioned by Mr. Abdulrahman. We will effectively consolidate the unconventional operation finances. Exact details will be shared upon signing of the definitive documents with the partners in Turnwell. In the near term, we currently expect a second quarter sequential growth trending towards the mid-single digits versus Q1 for revenue and EBITDA, with a trend similar to that we saw in the first quarter versus fourth quarter 2023. As a general trend, for the remaining quarters this year, we project broadly similar sequential growth between quarters as we deliver on the rig fleet program. For this reason, we expect the second half with revenue and EBITDA higher than the first half. This slide is a summary of where we are on two key developments that are not captured by our guidance. Starting from Enersol, after completing the first transaction, acquiring the stake in Gordon Technologies, the U.S.-based leading player in measurement while drilling, we are in the final stages on three further transactions in segments fully complementary to our business, such as drilling and precision manufacturing, completion, and intervention. To give you a sense of potential size, we expect from Gordon Technologies and the three transactions, an annual pro forma net income up to $50 million for ADNOC Drilling upon completion. Signing of those is expected in 2024. Furthermore, we have six plus transactions in advanced stages. Based on current visibility, Enersol is expected, on a fully invested basis, to contribute to ADNOC Drilling an annual pro forma net income up to $100 million, subject to closing of all transactions. On another strategic front, the regional expansion into the GCC region, we are progressing and targeting selected markets with a greater potential upside. As we speak, we are in advanced stages for pre-qualification on drilling and services with regional NOCs, particularly in Oman and Kuwait. Our goal is to build a presence in these adjacent markets through our integrated offerings, unparalleled experience, and proven track record. Before handing back to Mr. Abdulrahman, I would like to touch on our new dividend policy, which focuses on optimizing capital allocation through sustainable and progressive distributions. Under the new dividend policy, we aim to grow dividends by at least 10% per annum on a DPS basis over the next five years, between 2024 and 2028. The board of directors, at its discretion, may consider additional dividends over and above the progressive dividend policy, after considering growth opportunities, while maintaining a net debt-to-EBITDA ratio of up to 2x, excluding transformative M&A. The policy will be subject to shareholder approval at an upcoming general shareholder meeting. I'd like to highlight that the total dividend for 2024 is expected to be at least $788 million, representing a 10% year-on-year increase. As per the policy, dividends are expected to be paid semi-annually, with a final dividend distributed to shareholders in the first half, and the payment of the interim in the second half of each fiscal year. That concludes my remarks. Thank you, everyone. And now I will hand over to Mr. Abdulrahman for his closing remarks. Thank you, Youssef and the team. To recap, we have delivered another strong quarter. Fleet expansion, exceptional growth, supported by strong cost performance across the organization, and resulting in leading margins in the industry. This growth, financially and operationally, is reflecting in our new progressive dividend policy, which aims to enhance distribution and overall shareholder returns. We are also delivering on the growth strategy with the creation of Enersol, which has completed its first transaction, while also starting a transformative journey in the unconventional energy development via Turnwell. Our objective is to enable our clients capacity growth through safe, efficient, and sustainable operations that support our ESG agenda. I would like to thank the ADNOC Drilling team again, for this strong performance. Thank you for joining us today, and I will now hand over to the moderator to open the Q&A session. Thank you. Thank you. Of course, if you'd like to ask a question via the telephone lines, you can do so by pressing star followed by one on your telephone keypad. If you choose to withdraw your question, please press star followed by two. When preparing to ask a question, please ensure your phone is unmuted locally. As a reminder, that's star followed by one on your telephone keypad now. Our first question comes from Ricardo Rezende of Morgan Stanley. Ricardo, your line is open. Please go ahead. Hello, good afternoon, and thanks for taking my question. My first question is related to the unconventional announcement. When you discussed that there might be many more thousands of wells to be drilled on unconventional, would you have any indications on how many incremental rigs could that require compared to the 142 rigs that are for the guidance by the end of this year? And then the second question is related to the regional expansion. We've seen some jackups being suspended in Saudi. Would your regional expansion be more on the offshore or onshore? I guess what I'm trying to think is, would you be a potential buyer for some of those assets that have been idle because of the developments in Saudi? Thank you. Thank you, Ricardo. This is Abdulrahman speaking. Now, on the first part, on the number of wells or number of rigs, the unconventional, it's a journey that we are starting. Unconventional, from technical point of view, and then the life of the wells normally is totally different from what we do on the conventional activities. So the number of wells definitely will be thousands because of the demand, what kind of capacity is targeted to produce. And that definitely will be the operator's call for in terms of how much growth he would like to go into the unconventional, having in mind the conventional is there also. But definitely, I mean, those are unconventional resources which is available to be recovered. I mean, as we are talking, the numbers, 220 billion of crude oil, 460 TCF of gas. Now, huge numbers, and, if we assume certain percentage, maybe 10%, again, it's big recovery that has to be done. Now, in terms of number of wells, or number of rigs, from experience, we would expect because of, the amount of activities that will require probably to go to only the intermediate phase, probably it will go from 20 rigs-30 rigs. But again, it depends how much of the program will be there. Now, on the other part, on the jackups, which is available, we had a program for the growth plan in the offshore. As we have mentioned in the past, I mean, all our plans or planned jackups that we wanted to purchase is already ordered. Actually, the last two are expected to come hopefully within the next couple of months. So we're ready to start operation hopefully between July, August, hopefully. So that's the plan. Now, is there anything else to come? We will be looking at opportunities. If there is any opportunity that we can work through, we will think about it as a piecemeal, I mean. But definitely, land rigs is totally different because the unconventional is mainly on demand, or it's only on land, now, I mean. I hope that answers, I mean, unless, Youssef, you would like to add? No, no, fully agreed, Mohammed. I think Mohammed has provided an estimate of 20 rigs-30 rigs on the unconventional, assuming and kind of an illustrative 10 wells per rig, that's 200 wells-300 wells. ADNOC has communicated that they would like the 1 billion cubic feet of gas per day from the unconventional by 2030. So extending that 200 wells per year-300 wells per year towards the 2030, will probably give you an estimate that this is kind of, let's say, in the low end of the, let's say, call it thousands of wells range. So potential upside, kind of, even above that. And as Mohammed said, on the expansion side, we are looking at opportunities. We have mentioned in the presentation that we are very close to pre-qualification imminently in Oman and Kuwait, which is the organic route we are pursuing, and in parallel, we continue to evaluate the inorganic route. These two markets are, by definition, predominantly onshore markets, and hence, this is where the onshore opportunity is the closer opportunity from a regional perspective. That is very clear. Thank you. Thank you. Our next question comes from Waleed Mohsin of Goldman Sachs. Waleed, your line is open. Please go ahead. Hello, good afternoon, and thank you for taking my questions. Two questions from my front. First one is on the unconventional front. Just wanted to ask if you could please confirm if the $1.7 billion is part of your current guidance? And second of all, in terms of the phase out of the onshore rigs you expect to commence operations in Q2, have these rigs started operations or are they expected to begin towards the end of Q2? Thank you. Thank you, Waleed. I'll take the second part, and you can take the first part, Youssef. On the rigs that are planned, definitely, I mean, we started receiving whatever we were planning in Q1. Actually, we had eight rigs in Q1, and there is another six to eight rigs to come in Q2. As we talk, I mean, most of the rigs are in Abu Dhabi, are getting worked out, rigged up, kind of thing, and getting ready for integration. So hopefully in the coming couple of months, those rigs will be also active and will start operation, apart from the other two jack-ups that I mentioned also. The third part was on the $1.7, on the- Yes, yes. The $1.7 billion is part of the guidance, but only the $1.7 billion, and hence, kind of, and everything after that is a kind of a substantial upside to the guidance. And also on the first point, on the guidance, also the three additional onshore rigs starting also joining the fleet in Q2 is also part of the guidance. That's why we're very confident now with these rigs here that we're gonna be hitting the mid-single digit growth guidance in Q2, as well as basically taking our fleet by the end of Q2 to the 140 rigs. Which puts us kind of, again, well on track for finishing the year with 142 rigs plus, and hitting the overall year guidance. Very clear. Thank you very much. Thank you. Our next question comes from Afaq Nathani of International Securities. Afaq, your line is open. Please go ahead. Hello, thank you for taking my question, and congratulations on the great set of numbers. Just a little bit on the unconventional side, if you could elaborate, how should we be looking at the potential financial contribution from this front? Do the rigs have the same, you know, contractual setup over the fixed IRR as the conventional, as with the conventional rigs? And what is the potential - how big is the potential for this segment, if you could put a number to it? As for Abu Dhabi as a whole and for ADNOC Drilling's part to play in that. That's one. And on the second part is, this is the first quarter with the tax expense. Just wanted to get some idea on how the experience has been in terms of passing on the impact of the tax expense to the clients. And have you guys been able to fully pass on the impact, or are you taking some hit of it as well? Thank you. Thank you, Afaq. Youssef, if you can- Yes, maybe starting with the tax piece. So we are not taking any impact. We are able to fully pass it through to the clients. We have already invoiced our clients already for the tax impact, and hence it is a fully passed pass through. Please, yeah. Then on the unconventional side, so basically what's happening is we've set up Turnwell. We will be going to be retaining at least a 50% stake in Turnwell. We are onboarding SLB and Patterson with up to a 45% stake in the first phase. We will effectively consolidate the financial results of the unconventional, either by consolidating Turnwell as subsidiary and/or by consolidating the contract itself, because the contract is awarded to ADNOC Drilling first, and then effectively there is an award from ADNOC Drilling to Turnwell. As we get into the next phase of the unconventional, there will be a reevaluation of the stakes, and hence potentially we may end up with a higher stake than the 55%, or effectively capturing the value of that stake up front in the form of a consideration. The margin profile of that contract will be closer to our oil field services business margin, given the very high intensity of services, with specifically within the unconventional, given the addition of the fracking, which results in the services forming the majority of the overall contract value. Okay, so if I understand right, so the margins on unconventional will be closer to the OFS margins, is- Correct. That's what you said, right? Correct. Okay, got it. Thank you so much. Thank you. Our next question comes from Alex Comer of JP Morgan. Alex, your line is open. Please proceed. Hi, guys. Couple of quick questions from me. Just to clarify here, in terms of the unconventional rigs, which you said 20 rigs-30 rigs, so you know, that is on top of the 144, so just to confirm on that. And then also, look, I mean, there's you know, some debate about how much oil and gas will need going forward, and obviously you've got OPEC in play as well. Just within this opportunity, you know, how much do you think will come from gas versus oil? And then also, with regard to the $50 million and $100 million that you talk about as contribution to the JVs, when might we see that in terms of which year? Thank you, Alex. Now, for the unconventional rigs, yes, so when we say the 20 rigs-30 rigs, that's potential to come, hopefully in, for the next phase, will be over and above the 142. Now, the other part from the oil and gas. So we see it as fairly balanced between the two. Obviously, on the gas side, this is driven by the 1 billion cubic feet of gas per day incremental production from the unconventional, which ADNOC is seeking by 2030, and hence that is a primary strategic driver of the program. Having said that, these same unconventional fields do have, it's kind of a massive reserves of unconventional oil, which exceeds 200 billion barrels. And obviously, these barrels, even though they have a higher cost of production than the conventional, are still highly economic from a production perspective, and improve the overall economics of the project when you look at kind of oil and gas combined. And hence, we see a fairly balanced count, well count between the two, between the two programs. In terms of the timing of impact, so we start to see from this year itself, in 2024, effectively impact on bottom line, because effectively we're gonna be starting, we already have six rigs and one stack fleet, working on the unconventional as we speak. These are being migrated as we speak into Turnwell, and hence it's a continuation and acceleration of work already being done. Hence, the bottom line from the unconventional will already appear partially in this year, and then 2025 is when we have the full year impact of the optimal. Very similar story to Enersol as well, our JV with Abu Dhabi, where this year we already start to see the initial impact on bottom line from that position, and then next year is when we have the full impact, which can potentially be up to $100 million net income impact for ADNOC Drilling, shared from Enersol. The unconventional is not far off from these numbers as well, that $100 million number. If you look at the unconventional contract, the $1.7 billion contract, the also contribution to ADNOC Drilling from that contract will also not be far off. So So looking at both together, we're looking at a couple of hundred million dollars kind of impact as we look at kind of partially 2024 and then fully in 2025, from this contract. Can I just confirm, when you said the $100 million from the, the unconventional, is that your 55%, or is that the 100%? That is our share. That is our share, which is- Got it. Which is partially linked to our economics in Turnwell, as well, with the 55%, as well as our overall economics, including the fact that this contract is first being awarded to ADNOC Drilling, and then from ADNOC Drilling, there's a contract award to Turnwell. Okay. Thank you very much. Thank you. Our next question comes from Guillaume of Bernstein. Guillaume, your line is open. Please go ahead. Yes, good morning. Two questions. First, maybe, again, I'm sorry to come back, but within the ADNOC five-year CapEx plan of $150 billion, which targets self-sufficient in gas, could you remind us, I know that you said it, but what is going to be the proportion of unconventional? So in other way, which part of unconventional development is already factored in, in the ADNOC group five-year CapEx plan? So this is my first question. And my second question is more specific. What are the specific technologies which you expect SLB and Patterson bring to the table, which are not already brought by Baker Hughes or Helmerich & Payne? Thank you very much. Thank you, Guillaume. I think, the first part of the question is more of, I would say ADNOC, in answer, actually. I mean, it will be very difficult for me to put a number, which will not be right thing to do. So, but definitely from our side, you may, you may mention something about our CapEx investments. Now, on the technologies that is available for the unconventional, whether it is, SLB or Patterson can, can bring into this, joint venture that we are going to have. Definitely there's a lot of practices also that will be, part of this, whole program. I mean, unconventional, is highly dependent on efficiencies, whether it is on practices or deliveries or, the completions, and cost. So all those combinations, I mean, those partners have been working U.S., or more specifically Patterson and Schlumberger in the region, and also worldwide in other activities, oilfield services. Now, whether it is can bring it, will it be able Baker to bring it or not? I mean, it could have been, but again, we've gone through the very structured process, so to select the best partners that can serve us into the unconventional. And with that, I mean, we are expecting a lot of technologies to come in. Now, whether it is directly from through from this partnership, or we will use the other arm that we have, the Enersol. Like today, part of the Enersol, we have Gordon Technologies, and this is one of the technology extensively used in the unconventional activities in the U.S. Today, we have an equity into that, and part of the Enersol, and it will be part of our program in the unconventional. Similarly, we are working on other technologies that we are identifying part of the Enersol. Again, they will be also introduced part of the unconventional. Now, if you would like to add in- Yes. For sure. I think on the CapEx piece, I think if we break it down, one, on the self-sufficiency, yes, this is definitely something that ADNOC has publicly announced, committed to, that additional 1 billion cubic feet of gas per day by 2030, and hence that's well embedded into kind of ADNOC, ADNOC's plans, obviously well embedded into our plans as well. On the oil front, what ADNOC has clearly kind of publicly communicated and reiterated, is the 5 MMbpd, which was originally meant to be by 2030. We accelerated this to 2027, and as we stand today, already in May 2024, we're already at 4.85 MMbpd capacity. Hence, with ADNOC Drilling, we have been able to significantly accelerate ADNOC's journey towards the 5 MMbpd, and hence enabling ADNOC to continue to create upsides in terms of building further capacity. Then obviously us benefiting from that in terms of, again, further awards and programs on our side. In terms of our own CapEx, to fund that, the combination of having $1.3 billion of available debt capacity and liquidity, whether it's from a multiple perspective, as we target to get towards a 2x net debt to EBITDA. Or from an actual availability perspective in terms of cash on balance sheet, plus effectively committed undrawn banking facilities. We have more than enough kind of, liquidity to both fund the CapEx for these 20-30 required land rigs, at least on the unconventional side, as well as our investment in, in, in Enersol, and still have effectively all the free cash, free cash flow we are generating. And hence, we felt very confident that we're gonna be able to deliver that at least 10% increase on dividend year-on-year for at least five years, and potentially even growing significantly, significantly above, above that. And I think on the other point you mentioned, as Mohammed said, we do have capabilities. We are drilling today. We have six unconventional rigs already in play. We have one fracked rig already in play. As Mohammed said, it's about acceleration of the program, getting even more capabilities, and allowing us to pre-embed the learning curves which took place in the U.S. and other parts of the world, by bringing in as partners, the players who have already delivered these learnings and efficiencies in the U.S. and other parts of the world. Hence being able to start from where they already kind of ended, and further de-risk the unconventional economics for ourselves and for ADNOC. Thank you very much. I turn it over. Thank you. Our next question comes from Nafez Al Abbas of Ajeej Capital. Nafez, your line is open. Please go ahead. Thank you, gentlemen. No, actually, my question has been answered, so I don't have anything to add. Thank you. Thank you very much. Great to hear your voice, though. Thank you for, thank you for asking. Perfect. Our next question comes from Oliver Connor of Citigroup. Oliver, your line is open. Please go ahead. Hello. Thank you for taking my questions. Two pieces, circling back on the unconventional point. So you mentioned around, sort of targeting, sort of 10, 10 wells a year per rig. I mean, I guess just looking at the headline numbers of 144 and nine rigs, that's sort of eight implying kind of eight wells per rig a year, so a little bit below that. So just trying to get a sense of kind of your expectations around productivity gains, as you kind of ramp up this unconventional program. And then the second point, you know, on the kind of oil and gas bit, I know you're saying roughly balanced and sort of some liquids coming out of the unconventional gas fields. I mean, it's my understanding that some of the fields that ADNOC were targeting were kind of dry gas. So I thought you were sort of looking at two distinct regions in UAE for oil and gas. Just wanted to get a sense if that's the case, or whether this drilling is all within sort of one play, getting both liquids and gas out. Thank you. Thank you, Oliver. On the number of wells, I mean, it's something that we are building up as we go, and then the unconventionals, some of it is part of deal-making, and there is still appraisal activity happening, while there is some development phase also into that. So, I think we are doing about, as we talk today, six wells-seven wells, and with the plan that we have, and we will be improving those deliveries in terms of well timing, basically making it toward 10. But definitely, going into the next phase, we will not be talking about 10 wells per annum, as much as probably we'll be talking about 15 wells and more. All those different things will be coming up as we are going into this 144 program, phase one, basically going into phase two, full development kind of activities. Now both oil and gas is planned for the work. Now, in terms of what was on the gas- Are they separate, or they're coming as-- Are they separate fields or coming as one? No, they are, they are all separate fields. I mean, when we talk about oil, oil activities are in separate area, and the gas is in a separate area. Yes, it is dry gas, which is, which is being produced. Now, still there is some more appraisal activities happening. The amount of field that we are talking about unconventional is huge field, I mean, whether it is gas or oil. So, we are expecting to see some, some very positive outputs from this whole program. Huge reserves that, that has to be unlocked and, recovered, inshallah. Also, Oliver, to note that the nine rigs is after the ramp up. Currently, we are with six rigs. Also, as you calculate the 144 over the number, it is six ramping up to nine over time, as opposed to nine from day one. Excellent. Thank you. Thank you. Our next question comes from Jonathan Lamb of WOOD & Co. Jonathan, your line is open. Please go ahead. My question's already been asked. Thank you very much. Thank you, Jonathan. Thank you, Jonathan. Thank you. Our next question is from Aakarsh Tomar of SICO. Aakarsh, your line is open. Please proceed. Hi, thank you for giving the opportunity to ask a question, and congratulations on the good results that you had. So I have two questions. I know there's been a lot of questions on JV, so just want to go back on that. So in this, I just want to understand when you say, like, if you can give more color on this, it's $1.7 billion contract, but you say that 50% ownership will be for the JV. So does that mean, like, you'll get around $1 billion from this, or is it the entire amount? The second question on that is, so when you say that you will be moving 6 rigs to this, like, which are already operational, so does that mean there is a cannibalization of revenue in this? So you already had those contracts, and now you're moving the rigs to some place else. So these are regarding the JV, and just one question on the, like, on the ADNOC group, maybe if you can answer. So you already have a 4.85 billion MMbpd capacity, and then when we talk about additional, it's 150,000 in three years. So like, like, I'm coming from a place, is there a case of an oversupply of rigs? Because, you were able to reach $4.85 just by 129 rigs, and now you're adding more. So these are the questions. Thank you. Thank you, Akash. I think, now on the, on the financially, kind of, pick it up. But in, the six rigs when we talk about, I mean, we're not cannibalizing any, any numbers, from the rigs. I mean, because they are built into our, whole program. Now, additional rigs that they will come, that will be something more specific at, at an unconventional. But today, as we talk, I mean, all that rig count is fixed up, possibly 142. Probably we're expecting, 1 or 2 extra, probably this year also. But then that's something we'll have to work out through that. Now on the, $4.8. What was $4.8? The 4.85, only 150,000 barrels left over three years, so we still need all the rigs given. It's only 150,000 for three years. That's incremental capacity. So as I'm maybe just closing off quickly on the six rigs point as well. If anything, it's actually increasing the economics per rig, because these six rigs historically, we were predominantly providing the rig, and then we had a flat fee. But this contract with Turnwell is a lump sum turnkey. So effectively we're getting the full scope of the well. So actually, our economics per rig will increase once these rigs are part of Turnwell, because the ancillary revenue spend we're getting from the services, which are much more asset-light, increases, and hence our overall revenue per well, or the EBITDA per well, goes up. So it's a positive from that perspective. I think going back to your first question, what are we going to get out of the $1.7 billion? So we're going to be consolidating the full revenue of the contract. Yes, we will have a minority interest for a portion of the profit of this contract, but on a consolidated basis, you'll be able to see the full revenue of it. And actually, our bottom line will be more than 55%, because also we have certain economics in ADNOC Drilling, and then we have the award from ADNOC Drilling to Turnwell. Hence, overall, we expect to kind of end up with more than $100 million of net income for ADNOC Drilling itself on the contract between kind of the ADNOC Drilling and the Turnwell economics. In terms of your last question, in terms of the oversupply of rigs, by definition, there's no oversupply because effectively, ADNOC has these rig and drilling plans, pursuant to which they order the rigs. So they only put these 15-year commitments on the rigs, because effectively they know what that drilling plan looks like. Obviously, ADNOC has accelerated the plan. If you talk about the 5 MMbpd by 2027, originally, actually, that was by 2030, right? And then it was brought forward to 2027, and now we're at 4.85 by 2024. The unconventional was not part of the plan. Now, the unconventional is in. There is a full gas ramp up, and hence, we don't have an oversupply of rigs. What we have is we have a constant acceleration of plans by ADNOC, and then on top of it, that opens up the ability for them to pursue additional growth initiatives, which actually result in additional supply. So the more efficient we are, and the more we're able to bring them forward to target, that does not create excess rigs. To the contrary, it enables them to use that capacity to drive incremental projects, which then drives only. The fact that we're able to allocate six rigs to do unconventional work because of our efficiency opened us to effectively being able to get that 20 rigs-30 rigs award, and so on and so forth. Oh, thank you. That's really helpful, and all the best for the future. Thank you. Thank you. At this time, we have no further questions registered on the conference call, so I'll hand back over to the management team for any further or final remarks. Thank you very much, and appreciate the very, very busy session, and then, a lot of questions. I hope, they were, responded to your expectations. We're looking forward with the plans that we have for future. For sure, now we look, to, to the year of 2024 is a delivery year. It's a year where a major, shift, transformation into the company is happening. Inshallah, we'll have more positive news as we go forward, in the next quarters. Thank you very much for being with us.