Drilling specialist KCA Deutag mentioned it has accomplished the acquisition of an extra 44 rigs from Saipem Onshore Drilling’s Latin American enterprise.
This enhances the beforehand introduced closing phases which included Saudi Arabia, Kuwait, UAE, and Africa. KCA Deutag acknowledged that the acquisition of the 44 rigs contains 17 rigs at present inactive in Venezuela.
This leaves solely six rigs remaining to be acquired as soon as regulatory approvals and different native administrative processes are finalized.
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“With this a part of the acquisition accomplished in Latin America, we’ve continued to develop our world enterprise in new and lively markets. We take this chance to welcome the Latin America workforce to the KCA Deutag household. The combination venture continues to progress nicely with vital early synergy realization as we proactively collaborate with our new colleagues to #becomeoneteam and ship a secure seamless transition to all clients,” Joseph Elkhoury, KCA Deutag CEO, mentioned.
“We stay optimistic in regards to the market, are happy with the continued enterprise transformation, and look ahead to delivering a powerful monetary efficiency in 2023,” Elkhoury added.
The preliminary announcement for the sale of Saipem Onshore Drilling was made on June 1, 2022. Saipem closed the sale in late October. The settlement offers for the sale of the whole lot of Saipem’s onshore drilling operations to KCA Deutag that features the Center East, Africa, and the Americas for an total money consideration of $550 million, along with a ten p.c share participation in KCA Deutag. Saipem can also be entitled to nominate one member of the board of KCA Deutag.
On the time of the shut of the sale, Saipem mentioned that it was a milestone in the direction of a extra centered and resilient enterprise mannequin primarily based on the rising traits of Saipem’s reference markets, concentrating efforts within the offshore drilling enterprise whereas supporting the achievement of its capital construction and liquidity targets.
As for KCA Deutag, it has over 130 years of expertise as a drilling, engineering, and expertise firm working each onshore and offshore. It operates roughly 113 drilling rigs in 18 international locations, both instantly or via its associates, using individuals in Africa, Europe, the Center East, the Caspian Sea, and Canada.
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