Adnoc Drilling takes offshore rigs abroad, Damac plans AED 3 bn for Ajman, Mubadala makes secondaries play

Adnoc Drilling takes its offshore rigs abroad

Adnoc Drilling secured two offshore rig contracts in Kuwait worth AED 1.15 bn (USD 313.6 mn) from Kuwait Oil Company to supply and operate two high-spec jack-up rigs under two four-year firm contracts, according to an ADX disclosure (pdf). The mandate is the company’s first offshore work outside UAE territorial waters.

The details: The contracts cover mobilization and four years of firm operations, with the option for a fifth-year extension. Operations are expected to start in 4Q 2027, with the first full-year financial contribution in 2028.

BACKGROUND- Adnoc Drilling already operates onshore in Kuwait. In January, it closed its acquisition of a 70% stake in SLB’s land rig business in Kuwait and Oman, which brought two rigs in Kuwait and six in Oman. In May, it closed its purchase of an 80% stake in MB Petroleum Services, which added more than 20 rigs across Oman, Kuwait, Saudi Arabia, and Bahrain.

Mubadala makes secondaries play

Mubadala Capital is buying into New York-based secondaries manager LSV Advisors, according to a press release. The majority of the funds resulting from the sovereign wealth fund’s minority stake in the investment manager will give it liquidity to cycle back into future continuation funds, the press release said. LSV focuses primarily on GP-led continuation vehicles and manages around USD 5 bn in AUM. An investment ticket wasn’t disclosed, but the transaction is expected to close in 1H 2027.

ADVISORS- Evercore acted as financial advisor to Mubadala Capital, while Houlihan Lokey advised LSV.

IN CONTEXT- Last year, the global secondaries market reached a record USD 20 bn. Elsewhere in the UAE, the Abu Dhabi Investment Authority has been doubling down on the secondaries market for some time now, ramping up exposure to follow-on investments.

Damac plans AED 3 bn Ajman build

AED 3 bn worth of real estate is coming to Ajman after local developer Al Zorah Development Company inked a land acquisition agreement with Damac Properties, according to a press release. Damac will develop a 1.4 mn sqf mixed-use residential project, slated to be the first of several from the developer in the area. The first phase will include two towers with 421 units and is scheduled to launch in 1Q 2027.