9 KCA DEUTAG

KCA Deutag, the global drilling, engineering and technology provider, secured contract awards, extensions and options worth around $112 million in September 2022. The contracts, which are primarily related to land rigs in Saudi Arabia and Oman, reflect the company’s focus on growth in key markets of the Middle East.

In Saudi Arabia, the company has been awarded multiple one-year extensions worth a combined total of $35 million. In Oman, a one-year contract with a new client, which includes a further one-year option, in addition to contract extensions and options with existing clients on multiple rigs, have delivered an additional $70.5 million.

Earlier this year, the company secured contract extensions and options totalling over $170 million. Two of the company’s highly mobile desert rigs in Oman were awarded a total of three firm and four optional years’ contracts. Additionally, the firm secured a five-year firm contract extension valued at around $60 million in Saudi Arabia.

In June, KCA Deutag signed a Sale and Purchase Agreement to acquire Saipem’s onshore drilling business as part of continuing to deliver its growth strategy and expanding in core markets such as the Middle East region.