KCA Deutag announces the completion of the Kuwait component of the Saipem SpA Onshore Drilling acquisition. This adds to last year's completions which included Saudi Arabia, UAE and Africa. The acquisition of the Latin America business together with the rigs in Romania and Kazakhstan, is still expected to complete during the first half of 2023.
Joseph Elkhoury, KCA Deutag CEO said: "By completing the acquisition in Kuwait, we continue to expand our business in the Middle East, a core market for the Group. This allows us to further #enhancethebrand and continue to deliver accretive value to all stakeholders: employees, customers, investors, and the communities where we live and work."
"The integration process including early synergy realisation is progressing well as we proactively collaborate with new colleagues to #becomeoneteam and safely deliver a seamless transition to all our customers."
"Despite all the disruption the Group has faced in the past year, we have stayed focused on disciplined execution and proper capital management. We expect Group EBITDA for the fourth quarter of 2022 to be around $75 million1 compared to $49 million in the prior quarter, and have finished the year with total cash of $231 million and net debt of $619 million."
"We remain optimistic as we carry this positive momentum into 2023 and believe that our future results will be much stronger as we witness good performance from the newly acquired business and the recent reactivations, contract wins, and improvements in the base business."
"I take this opportunity to thank all colleagues for their continued resilience, their efforts and many contributions, and wish everyone a happy and prosperous new year."
1Group EBITDA (which is stated before exceptional items) plus year end 2022 cash and net debt are based on preliminary unaudited information and subject to change.