Aberdeen-headquartered KCA Deutag has announced a $550m deal to acquire the onshore drilling business of Italian contractor Saipem.
Expected to close in the fourth quarter of this year, the deal will also see Saipem also take a 10% stake in KCA Deutag.
Once complete, the combination with KCA will create a “leading global onshore drilling business”, with 11,000 employees globally and more than 50% of its EBITDA from the Middle East.
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