(Finance) – Saipem announces that it was the sale was completed of the onshore drilling business at KCA Deutag. Specifically, today the activities in Saudi Arabia, Congo, United Arab Emirates and Morocco are sold.
This agreement, signed last June, provides for the sale of all onshore drilling activities of Saipem in the Middle East, Africa and the Americas, compared to a cash consideration of 550 million of dollars, in addition to a participation fee of 10% in KCAD. Including standard price adjustments, the consideration received today amounts to 488 million dollars plus the 10% stake in KCAD.
The remainder of the consideration will be collected upon transfer of the activities in the Americas, Kuwait, Kazakhstan and Romania (5 rigs and 2 active contracts), expected by March 31, 2023.