Builder of Saudi Aramco Oil Rigs Plans to Expand Into Wind Power
Builder of Saudi Aramco Oil Rigs Plans to Expand Into Wind Power
(Bloomberg) -- An Abu Dhabi-based company that builds drilling platforms for oil giant Saudi Aramco plans to diversify into renewable energy by supplying gear for offshore wind farms.
National Petroleum Construction Co. is bidding for wind projects in the North Sea and monitoring wind-equipment tenders coming out of India and Southeast Asia, Chief Executive Officer Ahmed Al Dhaheri said in an interview. NPCC, owned by the government of Abu Dhabi, currently manufactures rigs, storage tanks and other heavy equipment for oil companies in the Middle East and India, including Aramco, the world’s biggest exporter.
“We are looking at developing a new sector, which is renewable energy, and focusing on offshore wind,” Al Dhaheri said in Abu Dhabi, capital of the United Arab Emirates. “We are looking to fabricate and install electrical distribution structures for offshore wind farms. We have the required resources and engineering capabilities.”
NPCC expects to complete an acquisition of a medium-size engineering company in Europe to help it expand into renewables and other new lines of business, he said, without giving more details.
To contact the reporter on this story: Mahmoud Habboush in Abu Dhabi at mhabboush@bloomberg.net
To contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, Bruce Stanley, Alastair Reed
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