Helmerich & Payne Announces Agreement To Acquire KCA Deutag For $1.9725B In Cash
$HP
Oil & Gas Production
Energy
- 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.