Saipem announces that it has sold its 10% interest in KCA Deutag (KCAD) to Helmerich & Payne (H&P) which today communicated to the market the closing of the acquisition of KCAD announced on July 25, 2024.
The proceeds from the disposal of the equity interest amount to approximately 89.5 million USD, of which approximately 8 million USD will be retained into an escrow account until the satisfaction of certain conditions under the terms of the existing sale and purchase agreement between the majority stockholders of KCAD and H&P.
The disposal by Saipem is part of the aforementioned acquisition of KCAD by H&P and follows the exercise of the drag-along right vis-à-vis the minority stockholders, including Saipem.
Saipem’s stake in KCAD was acquired in 2022 as part of the sale of its Onshore Drilling activities. The book value of the stake was 82 million Euro as of 30 June 2024.
