Drillship capsizes in Suez Gulf, Egypt's Petroleum Ministry says
The ministry said the drillship, identified as "Adam Marine 12", was in Gabal El-Zeit in the Red Sea, about 300km south of the Suez Canal, Egypt's vital trade route, and is one of the country's prominent oil production sites in the Red Sea.
The incident is not expected to cause disruptions for navigation in the canal.
At least four were confirmed killed so far, six missing and 21 rescued, sources affiliated to Red Sea authorities told Reuters. The drillship was moving to a new location when it capsized earlier in the evening, industry sources said.
The vessel was operating in a concession owned by offshore drilling service provider ADES, in which it was drilling several wells. ADES assigned Osoco for drilling operations, according to the sources.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
3 hours ago
- Zawya
BII signs over $300 million in agreements to accelerate green growth and Egypt's energy transition
The projects will advance Egypt's ambition to generate 42% of its electricity from renewables by 2030. The Gulf of Suez Wind Farm and the Obelisk solar and battery storage project developed by Scatec will add over 2 GW of clean energy capacity to the national grid and avoid approximately 3.9 million metric tonnes of CO₂ emissions. New projects demonstrate BII's leading role in Egypt's energy transition through patient capital, which supports grid resilience, green jobs and unlocks replicable climate innovation. CAIRO: British International Investment (BII), the UK's development finance institution and impact investor, has signed over $300 million in agreements to support two pioneering renewable energy projects in Egypt – a new 1.1 GW Gulf of Suez Wind Farm and a 1.1 GW integrated solar and battery storage project with Scatec. The agreements reflect BII's investment plan to accelerate Egypt's energy transition and build climate-resilient infrastructure that stimulates growth in North African countries. The Gulf of Suez Wind Farm, a $1.2 billion project and Africa's largest onshore wind development, is expected to generate 4,500 GWh annually, helping to avoid 2.5 million metric tonnes of CO₂ emissions per year. BII's $190 million investment forms part of a broader $704 million in debt financing with a consortium of development finance institutions (DFIs) including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), DEG – the German Development Finance Institution, the OPEC Fund for International Development, and the Arab Energy Fund. The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) programme and will create over 10,000 power enabled jobs. BII has also signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $479.1 million project – representing 80 per cent of the total capital cost – will deliver 1.1 GW of solar PV capacity and 200 MWh of battery storage. BII is providing a $100 million concessional loan and a $15 million grant to reduce the cost of the BESS component, making the project more viable, attracting private investment, and setting a model for future deals. With a portfolio size of over $708 million, Egypt is a critical partner for BII with the latest agreements reflecting an ongoing commitment to the region's climate agenda. The projects align with BII's North Africa climate strategy, which underscores the role of innovative and scalable renewable energy technologies that enhance climate resilience for future generations. In Morocco, BII backs green hydrogen projects, while in Tunisia, the DFI is identifying opportunities to scale climate-smart agriculture. These efforts collectively promote climate innovation, enabling the private sector's ability to produce, export and share clean energy. Iain Macaulay, Director and Head of Project Finance (Africa and Pakistan), BII, said: 'These landmark agreements in Egypt reflect the scale of BII's ambition to accelerate Africa's energy transition through transformative project finance. By backing pioneering renewable infrastructure at this magnitude, we're not only supporting climate resilience and energy security, but also demonstrating how concessional capital can unlock private investment and deliver impact at scale.' Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, added: 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region. Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy.' About British International Investment British International Investment (BII) is the UK's development finance institution and a trusted investment partner to businesses in Africa, Asia, and the Caribbean. It invests to support the UK Government's Clean Green Initiative and to create productive, sustainable, and inclusive economies in eligible markets. Between 2022 and 2026, at least 30 per cent of BII's total new commitments by value will be in climate finance. The company has investments in over 1,470 businesses in emerging economies across 65 countries and total assets of £8.1 billion.
Zawya
8 hours ago
- Zawya
Egypt: REACAP approves $952,423 capital increase
Arab Finance: REACAP Financial Investments (REAC) has approved a capital increase of EGP 47.3 million through the distribution of bonus shares, according to a disclosure to the Egyptian Exchange. Accordingly, the company's issued and paid-up capital will increase from EGP 591.4 million to EGP 638.7 million. The decision was made during the company's extraordinary general assembly (EGM) held on June 30th, 2025. The increase will be distributed over 9.462 million shares at a nominal value of EGP 5 per share, bringing the total number of shares to 127.745 million. The capital hike is funded from distributable profits recorded in the previous fiscal year, with shareholders receiving 0.08 bonus shares for each original share held. Established in 1997, the company in which Naeem Holding owns a stake of 47.61% provides asset management services such as fund, wealth, and portfolio management, as well as direct investments in various sectors. Smart Village Real Estate Investment Company (SVREICO), a Subsidiary of REACAP Investments Company established in 2007, is a real estate private equity firm that primarily focuses on investing in high-end real estate facilities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
8 hours ago
- Zawya
Egypt-Germany economic portfolio reaches $1.8bln: Al-Mashat
Arab Finance: The bilateral economic cooperation portfolio between Egypt and Germany has reached €1.6 billion, announced Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat. Al-Mashat noted that the joint portfolio aims to implement several development projects in various key sectors, including energy, climate change, water supply, and migration, among others, that contribute to sustainable economic development. The remarks came during the minister's meeting with Reem Alabali-Radovan, a German politician of the Social Democratic Party (SPD), on the sidelines of the Fourth International Conference on Financing for Development (FfD4). The two officials touched upon the financial cooperation agreement signed between Egypt and Germany in 2022, at a value of €118 million (EGP 6.7 billion). Its scope covered a financial support agreement for the Comprehensive Technical Education Initiative to support the establishment of 25 Centers of Excellence (CoEs). Additionally, it included soft financing and grants for the ACWA Power 1 and 2 connection project, which is expected to generate 1,100 megawatts (MW) of wind power. This project is a part of the energy pillar of the Nexus of Water, Food, and Energy program (NWFE). Al-Mashat also announced the signing of a new tranche under the debt swap program at a value of €21 million (EGP 1.2 billion) to enhance renewable energy supplies. She also hailed the German side's participation in the launch of the second follow-up report of the National Platform for the NWFE program, as well as its contribution in financing energy-related projects during the COP27 climate conference in Egypt. This includes €258 million in concessional financing, debt swaps, and financial contributions to support the expansion of renewable energy projects. At the end of the meeting, Al-Mashat invited the German official to visit Egypt and follow up on joint projects implemented in cooperation between the two countries. Both sides plan to sign an agreement for the new tranche under the Egyptian-German debt swap program, scheduled to be activated in December 2025. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
