KCA Deutag announces that it has completed the acquisition of a further 44 rigs1 from Saipem Onshore Drilling’s Latin American (Saipem) 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 18th.

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.

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 leading company in the engineering, drilling and construction of major projects in the energy and infrastructure sectors, both offshore and onshore. Saipem is “one company” organized into five business lines - Asset Based, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialized Solutions. The company has 9 fabrication yards and an offshore fleet of 29 construction vessels (of which 26 owned and 3 owned by third parties and managed by Saipem) and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, Saipem is now committed to supporting its customers to accompany them on the energy transition path and Net Zero with increasingly digital means, technologies and processes geared towards environmental sustainability. Listed on the Milan Stock Exchange, it is present in over 70 countries around the world and employs over 30,000 people of 130 nationalities.