Helmerich & Payne to buy KCA Deutag for $1.97 billion (updated)
25/07/2024 13:18
(Adds details from paragraph 2 onwards)
July 25 (Reuters) - Oilfield services firm Helmerich &
Payne Inc HP.N said on Thursday it will acquire KCA Deutag
International for $1.97 billion in cash.
The company says the deal increases Helmerich's Middle East
rig count to 88 rigs from 12 rigs.
The transaction, to be funded with cash on hand and new
borrowings, is expected to close before the end of the year.
"It accelerates our international expansion particularly in
the Middle East and enhances the Company’s global leadership in
onshore drilling solutions," said Helmerich CEO John Lindsay.
(Reporting by Sourasis Bose in Bengaluru; Editing by Sonia
Cheema)
((Sourasis.Bose@thomsonreuters.com;))