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  • KCA Deutag provides update on the acquisition of Saipem Onshore Drilling
    édité le 09/02/2023 - Plus de news de "KCA DEUTAG" - Voir la fiche entreprise de "KCA DEUTAG"

KCA Deutag provides update on the acquisition of Saipem Onshore Drilling
KCA Deutag announces the completion of the Kuwait component of the Saipem SpA Onshore Drilling acquisition. This adds to last year's completions which included Saudi Arabia, UAE and Africa. The acquisition of the Latin America business together with the rigs in Romania and Kazakhstan, is still expected to complete during the first half of 2023.

Joseph Elkhoury, KCA Deutag CEO said: "By completing the acquisition in Kuwait, we continue to expand our business in the Middle East, a core market for the Group. This allows us to further #enhancethebrand and continue to deliver accretive value to all stakeholders: employees, customers, investors, and the communities where we live and work."

"The integration process including early synergy realisation is progressing well as we proactively collaborate with new colleagues to #becomeoneteam and safely deliver a seamless transition to all our customers."

"Despite all the disruption the Group has faced in the past year, we have stayed focused on disciplined execution and proper capital management. We expect Group EBITDA for the fourth quarter of 2022 to be around $75 million(1) compared to $49 million in the prior quarter, and have finished the year with total cash of $231 million and net debt of $619 million."

"We remain optimistic as we carry this positive momentum into 2023 and believe that our future results will be much stronger as we witness good performance from the newly acquired business and the recent reactivations, contract wins, and improvements in the base business."

"I take this opportunity to thank all colleagues for their continued resilience, their efforts and many contributions, and wish everyone a happy and prosperous new year."

(1) Group EBITDA (which is stated before exceptional items) plus year end 2022 cash and net debt are based on preliminary unaudited information and subject to change.

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 an advanced technological and engineering platform for the design, construction and operation of safe and sustainable complex infrastructure and plants. Saipem has always been oriented towards technological innovation and is currently committed, alongside its clients, on the frontline of energy transition with increasingly digitalised tools, technologies and processes that were devised from the outset with environmental sustainability in mind. It is listed on the Milan stock exchange and operates in 70 countries around the world with 32 thousand employees from 130 different nationalities.

Origine : Communiqué KCA DEUTAG

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