H&P reaches deal to buy KCA Deutag

July 29, 2024

Helmerich & Payne (H&P) has agreed to acquire KCA Deutag for $1.9725 billion.

KCA Deutag says it is responsible, both directly and through affiliates, for managing drilling and maintenance operations on 29 offshore platforms including two jackups across the North Sea, Caspian Sea, Eastern Canada and Africa. The bp-operated Central Azeri platform is pictured.

Helmerich & Payne (H&P) has agreed to acquire KCA Deutag for $1.9725 billion.

H&P designs, fabricates and operates drilling rigs worldwide, also developing/deploying automation, directional drilling and survey management technologies.

The combination with KCA Deutag, the company said, would give it leading positions in the US and Middle East. The transaction includes 29 offshore platform rigs under KCA Deutag management, and KCA Deutag’s manufacturing and engineering business Kenera, with three facilities serving the oilfield service industry.

However, Saipem, which has a 10% stake in KCA Deutag, said it would reserve any assessment in relation to the terms of the transaction. The company became a shareholder in KCA Deutag in 2022 as part of the sale of its onshore drilling business, the 10% share having a value of Eur85 million at the end of 2023.