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Adnoc Drilling is heading offshore in Kuwait: The company has won letters of award from Kuwait Oil Company for two offshore jack-up rigs, worth a combined maximum of KWD 96.6 mn (c. USD 313.6 mn) over a four-year firm term, according to a statement. It’s Adnoc Drilling’s first offshore rig operation outside the UAE. It plans to deploy one of its own jack-ups and bareboat-charter the second.
Work starts in 4Q 2027, with the first full-year contribution landing in 2028. The 2027 portion is already reflected in the company’s preliminary 2027 guidance. The headline value works out to c. USD 39 mn per rig a year and excludes a one-year extension option. The awards are still subject to conditions and final contract paperwork.
Blades, paid for
Dubai-based Alcazar Energy Partners reached financial close on its 500 MW Niat and Rasgha wind farms in Egypt, with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Germany’s DEG each providing a third of a USD 436 mn debt package, Alcazar said in a statement yesterday. The two 250 MW farms at Ras Ghareb on the Gulf of Suez cost USD 626 mn combined and are due to start commercial operation by the end of 2028.
The rest is equity from Alcazar’s own fund. Alcazar Energy Partners II, the USD 490 mn fund that wholly owns both projects, is putting in c. USD 190 mn. The three lenders are on both sides of the transaction: they are also investors in the fund, alongside the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), France’s Proparco, and Dutch development bank FMO.
Construction is underway. Siemens Gamesa will supply the turbines and handle long-term maintenance. Orascom Construction, which is folding into an Abu Dhabi-based platform with OCI Global, will do the civil and electrical works. State grid operator Egyptian Electricity Transmission Company (EETC) will buy all the power under a 25-year power purchase agreement. Alcazar expects the farms to generate more than 2.3 TWh a year.
