(Finance) – With reference to what was announced today by Helmerich & Payne regarding the acquisition of KCA Deutag (KCAD), a company of which Saipem holds a 10% participationthe Italian company specifies that, on the basis of the existing investment agreement, there is a right/obligation of co-sale at the head of the KCAD members.
Saipem “reserves the right to make any evaluation with respect to the terms of the transaction once the notifications required by the aforementioned investment agreement have been received”, it reads in a note.
Saipem’s stake in KCAD was acquired in 2022 as part of the sale of its Onshore Drilling activitiesThe book value of this participation as of December 31, 2023 was equal to 85 million euros.
Under the agreement announced today, H&P will acquire KCA Deutag for $1.9725 billion in cash.