KCA Deutag completes final stage of Saipem Onshore Drilling acquisition

KCA Deutag completes final stage of Saipem Onshore Drilling acquisition

2 July 2024

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."