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Part of continuing to deliver its growth strategy and expanding in core markets such as the Middle East region, KCA Deutag today announces that it has signed a Sale and Purchase Agreement (“SPA”) to acquire Saipem SpA’s onshore drilling business (“Saipem Onshore Drilling”) for a total consideration payable at closing of $550 million in cash and 10% equity interest in the Group.
KCA Deutag, the global drilling, engineering and technology provider, has secured contract extensions and options totalling over $170 million, with the majority focused on extensions with existing clients across core markets in the Middle East.
KCA Deutag’s Kenera business unit will deliver the drilling contract announced this morning by Neptune Energy.
As part of its growth strategy to optimise the business and focus investments in core markets such as the Middle East, global drilling, engineering and technology provider KCA Deutag has completed the sale of its land drilling business in Nigeria for $18m.
“We are shocked and saddened by the deteriorating situation in Ukraine, and we join many to call upon all parties to urgently work towards a peaceful resolution in the region,” said Joseph Elkhoury, Chief Executive Officer.
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