KCA Deutag announces the final stage of the transformational Saipem Onshore Drilling acquisition completed at the end of June following the transfer of the six remaining rigs in Argentina, Kazakhstan and Romania. This adds to the previously announced completions which included Saudi Arabia, Kuwait, UAE, Africa and Latin America.

Joseph Elkhoury, KCA Deutag CEO said: “The Saipem Onshore Drilling acquisition was a major milestone in our transformation journey. We have expanded and upgraded our operations in our core geographies in the Middle East and key markets in Latin America.

“The integration project has continued to progress well. Our combined teams have been proactively collaborating to #becomeoneteam and deliver a safe and seamless transition to all customers. On an annual run rate basis, we have already delivered over $37m or 91% of our increased $41m synergy target, and expect the rest to be delivered during 2024.

“We welcome our new colleagues and thank all our people for their contributions and efforts in delivering this transformational transaction as well as our customers, board and shareholders for their support through each stage of the close process.”

About KCA Deutag

With over 130 years of experience, KCA Deutag is a leading drilling, engineering and technology company working onshore and offshore with a focus on safety, quality and operational performance. It operates approximately 110 drilling rigs in 20 countries, either directly or through affiliates, employing people across Africa, Europe, Middle East and other geographies.

About Saipem

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into five business lines - Asset Based Services, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialized Solutions. The company has 7 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 120 nationalities.