Hello and welcome to today's ADNOC Drilling webcast and conference call about the acquisition of an 80% stake in MV Petroleum Services. My name is Bailey, and I will be the operator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I'd like to pass the conference over to Mr. Abdulla Ateya Al Messabi, ADNOC Drilling CEO. Please go ahead. Thank you. Thank you very much, and a very warm welcome from my perspective as well, and thanks for joining us today. We have called for this call really to brief you about this very exciting transaction we have done. This is the second transaction in the region, and we are really, really glad we have managed to reach the SPA milestone, and hopefully we will close it by the first half of 2026. Very much aligned with our growth strategy: sustainable, profitable, smart growth. I think this transaction will really add value at the moment we close. Good long-term contracts, good economics. I think a transaction at 4X. It's really, really a great transaction. Very much aligned with our strategy in terms of profitable growth in the region. As I said, I think we have clear focus priorities. One of them is the sustainable, smart growth, which is this transaction is part of that pillar. The other two strategies that I have shared with you on the last call is about really operational excellence, as well as scaling up our technology and AI Platform. Hopefully soon you will hear from us on the other basically strategy pillars, how we are progressing. I will hand over to Youssef to give you a little bit more detail about the scope of the transaction and the financials, and then we will open it for Q&A. Thank you very much. Thank you so much, Mohammed. Again, reiterating Mohammed's welcome to everyone. Thank you so much for taking the time, especially on a short notice. We were keen to speak to you at the earliest opportunity to walk you through this transaction, which we're extremely excited about. Thank you again for taking the time. I think starting with, as Mohammed said, this has to be set within the overall strategic context, and that context is really the accelerating growth that we're embarking on. On top of the domestic accelerated growth initiatives, which we have went through during the majlis recently in terms of the unconventional ramp-up to 300 plus wells a year, the integrated drilling services ramp-up to 70 plus rigs, and the additional island offshore drilling activity in 2029 and 2030. On top of all of that accelerated domestic growth, we're now also embarking on accelerated kind of inorganic growth, both through kind of EnerSol, where we continue to see very strong synergies and deployments on the ground by the EnerSol company, as well as now through our regional growth, which started with the partnership with SLB earlier this year, starting with eight rigs. Now through this additional partnership with MVPS, we're adding on another 21 rigs, both doubling down on our footprint in Oman and Kuwait, where now we effectively, with 19 rigs, we become the third largest drilling company in Oman. With six rigs, we become one of the top seven drilling companies in Kuwait, as well as the four rigs in Bahrain, as well as the oil field services in Saudi, as well as the additional pre-qualifications in additional countries of operation, which opened up for us additional opportunities to expand even further in the region on both drilling and oil field services. I think with this second acquisition now, we're really transforming this into a consistent blueprint. With the amount of similarities between the first and the second deal, which we'll walk you through, this now really is a pull-up, roll-up strategy that we're able to execute on consistently and in a very disciplined way to continue to accelerate growth further. If we go into the details of this transaction, we're taking an 80% stake and hence keeping with us the partners, which is a long-standing blue chip, well-reputed family in Oman with a 20% stake. Also, in the other countries of operations like Kuwait, they've established JVs with four different local partners. Effectively, we have the relationships now both in Oman and in Kuwait with local family groups that really allow us to continue to have that local relationship on the ground, which continue to future-proof the business. From a perimeter perspective, that includes 21 rigs. All of them are working. All are contracted. Out of these, you have 13 in Oman, 4 in Kuwait, and 4 in Bahrain. These rigs also vary from a horsepower perspective. Between these rigs and the SLBs we have done earlier this year, we now have everything from 550 horsepower all the way to 3,000 horsepower across these countries, and hence being able to span all the type of kind of horsepower that the client wants, as well as the compatibility with our operations in Abu Dhabi across these different horsepower, providing additional regional mobility and flexibility for our regional footprint. From a financing perspective, we already have in place undrawn facilities that allow us to fully fund this transaction with debt, and hence it has no impact at all on our continued dividend policy, both the guaranteed minimum dividend as well as the additional potential discretionary dividend on top. This effectively goes as part of our strategy to add additional leverage on the balance sheet to optimize the capital structure and continue to grow both the business and the dividends. With that, it is immediately accretive on all fronts. On earnings, it's immediately accretive. On free cash flow yield, it's double-digit compared to our high single digit. On IRRs, it is mid to high teens compared to our low teens. Effectively, it's accretive on all levels for us, similarly for return on equity, etc. It will be fully consolidated in our financial results, and hence it would translate into immediate revenue net income growth for us from as soon as the second half of next year, and then the full financial impact will be in 2027. That is why when we come to talk about the guidance, the impact of this will really appear once we release the full 2027 guidance. That is where you would have the step change from this. We also have an agreed mechanism in place in terms of call and put options to be able to buy the remaining 20% stake after three years, which means that we have a clear sight down the line to be able to extract even more synergies between SLB and MVPS and any other additional opportunities we pursue. For now, there are synergies between them, while our biggest focus is on maintaining these local relationships on the ground, and with time, we'll have even more avenues to consolidate and drive even more synergies. From a size perspective, as we effectively, we are focusing on specific markets in order to be able to really achieve synergies and size in these markets. By being the third largest player in Oman and within touching distance of players number one and number two in terms of size, we're really able to build a sizable position in Kuwait. That is effectively ultimately what we're also continuing to push forward for. In terms of the margins of this business, on an overall blended margin, we're around 30%. The drilling margins are higher, are closer to the high 30s to 40%, but we have also the oilfield services. From our business, it is a lower margin, but a higher return business due to the asset-light nature. Overall, we have a 30% EBITDA margin, which overall is effectively, continues to be accretive from a return perspective to our business. From a top line, that's around $190 million top line with growth. Effectively, that will add a couple of hundred million dollars at least by 2027 to our top line, and hence effectively will be a boost. On EBITDA, that's currently around $56 million. By 2027, that would be an incremental $60 million of our current EBITDA coming from this deal. In terms of the rigs, if you look at the core drilling rigs, for example, the six rigs in Oman, five out of which are built in the last five years, and four out of the five are built in the last three years. This is a new fleet effectively that we're able to kind of carry value on for a very long time. In terms of contracts, this is around $100 million backlog. These are some of the longest contracts we've been able to find in the region outside Abu Dhabi, where some of these contracts are six years firm, plus two-year extension option, plus another two years to ten years. Some of these expires go all the way until 2033, and hence they really give us long-term visibility on the business. With $900 million backlog at a 30% EBITDA margin, that's close to $270 million of implied EBITDA backlog. That's more than the entire valuation of the business, and hence we're able to recover the principal, plus a base level of return just from the contracted cash flows of the business over the next few years. We're operating in resilient geographies. Kuwait's ramping up to 4 million barrels per day by 2035. Oman as well, ramping up its capacity to above a million barrels a day. We risk by operating with world-class operators like KOC in Kuwait, PDO in Oman, as well as some of the independent operators in Oman like OXY. Long-standing relationships with these clients. From a valuation perspective, we continue to come in at lower than four times, closer to three and a half times, and hence completely de-risking this from a valuation perspective as well, and basically kind of recovering and having a payback within a very short period of time. Further upside, potentially to come from having more oilfield services kind of into these countries, as well as now we have a significant pipeline of tenders in these countries for both rigs and services, which now with an operation and track record on the ground, we will be very well positioned in these tenders. Maybe to recap quickly, strategically, very much doubling down our strategy, four geographies, expanding capacity, high-quality clients, young rigs that are able to serve them, full suite of capabilities from a horsepower perspective. Financially, it's accretive on every front, earnings per share, free cash flow yield, IRR. From a capital structure perspective, as us too, deploy a little bit more leverage, effectively extract more cash flows and hence improve the capital structure and the returns, and then really a strength growth. To deploy additional rigs, additional services, and go further. We see it on one side, very much. Core validation and testament to the strategy we've all aligned on, and secondly, demonstrating that this was not just one deal with SLB. That's a clear blueprint that we're now able to continue to take further. Thank you again for taking the time. We're very much looking forward to closing this within the first half of next year after all the GATTE approvals are completed, and we'd love for Mohammed and myself to take any questions you have. Thank you. If you would like to ask a question on today's call, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, please press star followed by one. As a reminder, if you're using a speakerphone, please remember to pick up your handsets before asking your question, and please do ensure that you are unmuted locally. Our first question today comes from the line of Anna Kischmaria from UBS. Please go ahead. Your line is now open. Good day. Thank you very much for doing this call to present the deal. It's always very helpful. I have several questions, please. First, maybe you can comment around the day rates in the countries and how it differs from maybe the previous deal. The second question would be around the timing for the contract. So in the presentation, you mentioned that four rigs contracted for six years. Could you provide some color around the other remaining contracts? And my third question will be around after this two deal, can we expect any further? Because I remember that you were mentioning that possibly near-term target is to increase the rigs internationally to around 30 rigs. So you're already there. Should we expect a pause now, or do you see some further upside? Thank you so much. Thanks for the questions. I think on the first one, if you look at the day rate, the first transaction was done. It was around $125 million on around eight rigs. We were looking at around $15 million to $16 million per rig per year in terms of revenue, which was implying a blended day rate of around $40,000 per day. That is because the majority of the rigs were towards the higher horsepower that we effectively have. If you look at the second transaction we have done, if you look at the revenues of the drilling part of the business, it is around $140 million, or closer to 20 rigs. You can see that the revenue per rig is closer to around $7 million, which is closer to around $20,000 daily. That is because the majority of the rigs are towards the lower horsepower. From kind of a returns and a margins perspective, you will see that they are relatively similar. On the drilling side, if you exclude the OFS, both of them trend between the high 30s-40% EBITDA margin. However, the difference in the implied day rate is a function of the kind of the portfolio of the rigs. That is why for us, the real focus is on being able to deliver the right returns and the right margins with them. The day rates will vary depending on that horsepower. In terms of your second question, in terms of the backlog, the average kind of remaining contract period that we have in this business is around five years. Some of them go all the way until 2033, which effectively gives us from now up to seven additional years. Some of them are shorter to three to four years. The blended average remaining life in the contracts we have is around five years remaining. On your third question, obviously, because we wanted to always guide very conservatively, we always use the kind of around 30 rigs number because we had that deal very advanced in the works and hence had a very high visibility over it. We have additional opportunities to deploy additional rigs, whether organic and/or inorganic. At this point, they are still at an earlier stage compared to where this deal was, where we were more comfortable guiding towards it. At that point, we are definitely content to be able to scale above the 20 lines and hopefully add a meaningful number of additional rigs in the medium term. In terms of providing more specificity on that guidance, we'll do that immediately once we're more advanced in some of the tenders or the deals to the level that allows us to give that level of specificity again, that this is the number of rigs we're expecting. We definitely see it as a growth driver that will continue to deliver in the medium term. Thank you very much. Thank you. Thank you. Our next question today comes from the line of Ildiko Kwacz from HSBC. Please go ahead. Your line is now open. Thank you so much. Youssef, when you talked about the further upside, you mentioned new tenders in these countries. What sort of tenders are these? I think there is a pipeline of tenders for jack-up rigs in Kuwait, for instance. Is this something you will be also chasing, or the focus is rather on the onshore services, given the nature of your acquisitions so far? Thank you. On the onshore side, we are currently undergoing the pre-qualification process. We have very good engagement. The highest level. We obviously have a very strong track record in offshore, in Abu Dhabi, where we have been operating for the last 50 years. We've done some of the most complex wells, high-temperature, high-pressure wells. On the offshore side, we hold the record for some of the longest after that has been done globally in offshore. We are very capable in that space, and we are going through the pre-qualification process and having very strong value. Once that administrative process is completed, then we'll be able to tender for these jack-ups. In the meantime, the tenders that we'll be pursuing in the immediate short term are the ones on the land drilling and the oilfield services side. Thank you. Thank you. As a reminder, if you would like to ask a question on today's call, please press star followed by one on your telephone keypad. The next question today comes from the line of Giuseppe Villari from Morgan Stanley. Please go ahead. Your line is now open. Hi. Thank you for the opportunity to ask questions. We have two if we may. The first one is about the services in Saudi. Does this acquisition offer you services that you do not currently have in your portfolio, or is it all stuff that you can already offer your client? Secondly, for the pre-qualifications, for instance, in Qatar, is it for both drilling and services? Thanks. Thank you. I think on the first part of your question, yes, on board. Effectively, one is MVPS offers us pre-qualifications in areas where we do not have currently pre-qualifications in terms of service, in terms of certain geographies. Hence, it is the ability to deploy services we already have, but into additional geographies that we now have access to. The other thing is it also offers some of the additional services we were effectively gradually expanding into, for example, something like well testing, which was always part of where we were evolving. As you know, taking a step back, we started with drilling, then effectively drilling oilfield services, then completion, and then production services. Effectively, with MVPS having some of these production services in place, like well testing and others, it's basically allowing us both a geographic synergy as well as a product synergy in terms of further expansion into that area. I think when it comes to Qatar, from an MVPS perspective, the focus is on the onshore opportunity in terms of being able to bring some of the services like the fluids, etc., which they're doing in Oman in terms of being able to do that supply chain, which can kind of be done onshore and ultimately to serve offshore. Some of this is effectively kind of logistics around the provision and the servicing around the provision of the chemicals. That's the immediate opportunity that we see through MVPS. Separately, through admirably longer term, there can be an opportunity around the potential jack-ups in Qatar. That is furthermore an admirable opportunity for the medium to long term. The immediate opportunity through MVPS will be more of the complementarity in Qatar for some of the services that they offer, like the drilling fluids and the chemicals, which are already established in Oman and can be extended to Qatar. Thank you very much. Thank you. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. As a final reminder on today's call, if you would like to ask a question, please do press star followed by one on your telephone keypad. We have a follow-up question coming from the line of Anna Kishmariya from UBS. Please go ahead. Your line is now open. Thank you very much for taking my follow-up. Just a quick question. Do you plan to, do you need to invest any additional CapEx for the rigs to maybe do some upgrades? Do you plan any investments further than the planned amount? Thank you. Currently, the business operates at around just under $60 million EBITDA. Around half of that at the current level is being reinvested predominantly into CapEx in terms of maintenance and upgrades, and then the remaining in terms of working capital, etc. The net income free cash flow level is around half of that, just around $30 million. In the medium term, there will be an opportunity for that to expand closer to $40 million of free cash flow as effectively this kind of upgrade CapEx comes down and we move into a more regular maintenance CapEx, which will be on average closer to just under $1 million per rig per year. Thank you very much. Thank you. There are no additional questions waiting at this time. That will close today's call. Thank you all for your participation. You may now disconnect your lines.