KCA Deutag provides an update on the Saipem Onshore Drilling acquisition

KCA Deutag announces that it has completed the acquisition of a further 44 rigs¹ from Saipem Onshore Drilling’s Latin American business. This complements the previously announced closing phases which included Saudi Arabia, Kuwait, UAE and Africa.

This leaves only 6 rigs remaining to be acquired once regulatory approvals and other local administrative processes are finalised. More details will be provided during the Q1 2023 Earnings call on May the 18^th.

Joseph Elkhoury, KCA Deutag CEO said: “With this part of the acquisition completing in Latin America, we have continued to expand our global business in new and active markets. We take this opportunity to welcome the Latin America team to the KCA Deutag family.

The integration project continues to progress well with significant early synergy realisation as we proactively collaborate with our new colleagues to #becomeoneteam and deliver a safe seamless transition to all customers.

We remain optimistic about the market, are pleased with the ongoing business transformation, and look forward to delivering a strong financial performance in 2023.

We want to thank all our teams for their resilience and contributions, and our Customers, Board and shareholders for their continued support.”

¹ Includes 17 rigs which are currently inactive in Venezuela.