KCA Deutag completes its financial restructuring

21 December 2020

Following the announcements made on 26 March 2020, 2 May 2020, 31 July 2020 and 11 September 2020, KCA Deutag (KCA Deutag or the Group) is pleased to announce today that it has completed its financial restructuring. As a result of the financial restructuring, the Group has:

reduced the debt outstanding under its principal third party financing arrangements from USD 1.9 billion to USD 505 million – resulting in net leverage of 1.4x (pro forma for the transaction)12;

put in place a robust capital structure with a 5 year runway until the maturity of the reinstated bond debt and a 5 year extension to a USD 60m guarantee facility; and

reduced its annual debt servicing costs by approximately USD 106 million.

Joseph Elkhoury, CEO of KCA Deutag said: “Today’s announcement marks a significant milestone for the Group. By successfully deleveraging the Group’s balance sheet, KCA Deutag has the financial flexibility to support the future development of our business and deliver long-term value to all of our stakeholders: employees, customers, shareholders and the communities where we work. With a strong balance sheet, we look forward to working with the Group’s new shareholders and greatly appreciate their backing of the business and the management team.”

Investor relations

For more information please contact:
Jan Hetherington, Head of Corporate Development and Treasury, Tel: +44 (0)1224 987000