Bid & Tender


Saipem Completes Phase 1 Sale of its Onshore Drilling Business

Saipem has completed the first phase of a transaction involving the sale of its onshore drilling business to UK-based drilling company KCA Deutag (KCAD).


KCAD has now purchased Saipem’s onshore drilling business in the Congo, Saudi Arabia, the UAE, and Morocco.


The UK-based firm is due to acquire Saipem’s onshore drilling business in Kuwait in Q4 2022, followed by the Latin America business, along with the rigs in Romania and Kazakhstan in 2023.


In a deal signed earlier this year, Saipem agreed to sell all of its stakes in onshore drilling operations, including in the Middle East, Africa, and the Americas, to KCAD for a total consideration of $550mn.


Saipem would also receive a 10 percent stake in KCAD that operates nearly 110 rigs in 20 countries.


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