Helmerich & Payne Announces Agreement To Acquire KCA Deutag For $1.9725B In Cash

Author: Benzinga Newsdesk | July 25, 2024 08:19am

• Establishes H&P as a global leader in onshore drilling
• Immediately accretive to cash flow and free cash flow per share
• Enhances scale and diversification, now with leading positions in the U.S. and Middle East, the two most prominent oil and gas producing regions in the world
• Increases H&P's Middle East rig count(1) from 12 rigs to 88 rigs; positioning the Company as one of the largest rig providers in the Middle East market
• Expects to maintain its high-quality investment grade credit rating
• Adds complementary, asset-light global offshore management contract business and manufacturing and engineering operations in Europe and Middle East
• H&P to host a conference call to discuss its fiscal third quarter results and transaction today at 7:30 a.m. CT

Helmerich & Payne, Inc. (NYSE:HP) ("H&P" or the "Company") and KCA Deutag International Limited ("KCA Deutag") today announced a definitive agreement under which H&P will acquire KCA Deutag for $1.9725 billion in cash.

Posted In: HP