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  • KCA Deutag signs SPA to purchase the Saipem Onshore Drilling business
    édité le 01/06/2022 - Plus de news de "KCA DEUTAG" - Voir la fiche entreprise de "KCA DEUTAG"

KCA Deutag signs SPA to purchase the Saipem Onshore Drilling business
KCA Deutag signs SPA to purchase the Saipem Onshore Drilling business continuing to deliver its growth strategy while expanding in key core markets.

Part of continuing to deliver its growth strategy and expanding in core markets such as the Middle East region, KCA Deutag today announces that it has signed a Sale and Purchase Agreement ("SPA") to acquire Saipem SpA's onshore drilling business ("Saipem Onshore Drilling") for a total consideration payable at closing of $550 million in cash and 10% equity interest in the Group.

KCA Deutag had revenue of $1.2 billion and EBITDA of $237m in the year ending 31 December 2021. During the same period, Saipem Onshore Drilling generated revenue of $410 million and EBITDA of $98 million from their Middle East, Latin America and other markets. The Group expects the acquired business to deliver an estimated pro forma run rate EBITDA of around $150 million when considering the ongoing and customer-notified rig reactivations.

Upon completion of the acquisition, the combined Group will manage a leading global onshore drilling business generating over 50% of its EBITDA from the Middle East with more than 11,000 employees globally. Total backlog will increase by $1.6 billion to $7.2 billion.

Strategic highlights of the combined Group:

   - The acquisition will create a leading global onshore drilling business with over $1.6 billion in revenue across core geographies in the Middle East and key markets in Europe and Latin America.
   - $7.2 billion backlog will provide greater revenue visibility across global markets.
   - Blue chip customer base with high share of National Oil Companies generating around 50% of the Group revenue.
   - Improved market participation across geographies with much lower lifting costs.
   - Confidence in generating around $24 million in cost synergies from overhead and operational efficiencies based on track record with previous Dalma acquisition.

Joseph Elkhoury KCA Deutag CEO said: "This milestone acquisition of Saipem Onshore Drilling allows us to significantly upgrade our business by expanding in core geographies in the Middle East and key markets in Europe and Latin America. We have continued to transform our business to #enhancethebrand and create accretive value for all our stakeholders: employees, customers, investors and the communities where we live and work.

We look forward to delivering our outstanding safe and quality services to existing and new customers, and to welcoming our new colleagues to the Group.

I want to thank our shareholders and both Boards for their support and extend my genuine gratitude to all those involved to deliver this transaction for their unrelenting resilience despite the challenging markets and recent adversity."

Barclays and Houlihan Lokey acted as financial and debt advisors respectively, to KCA Deutag on the transaction. Given the nature of the transaction, closing for the Middle East and other markets is expected in Q4 2022 with Latin America to follow at the completion of its carve-out. $50 million of the cash consideration will be withheld pending completion of the Latin America closing.

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 over 70 countries around the world with 32 thousand employees from 130 different nationalities.

Origine : Communiqué KCA DEUTAG

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