Scottish firm KCA Deutag in $660m takeover
- Published
The Aberdeen-headquartered business already had annual revenue exceeding $1bn
Aberdeen based drilling and engineering contractor KCA Deutag has announced a takeover deal worth $660m (£478m).
It has bought assets in Oman and Saudi Arabia from Dalma Energy, giving it access to the Saudi Arabian onshore drilling market.
The new business will continue to trade as KCA Deutag (KCAD) and will have a combined workforce of about 9,700.
KCAD chief executive Norrie McKay said the businesses were an "excellent strategic fit".
KCAD recorded revenue last year of $1.16bn (£839m). The business it has bought from Dalma had revenue of $312m (£226m).
Mr McKay said: "The acquisition of Dalma's operations in Saudi Arabia and Oman will significantly strengthen our foothold in the Middle East, and provide us with a stronger platform to develop and grow our business in what is an exceptionally attractive region.
"Dalma's operations are an excellent strategic fit, not only consolidating our position in Oman as the country's leading owner and operator of onshore drilling rigs but also enabling us to offer our operational expertise in the substantial Saudi Arabian onshore drilling market, which has been a key target for KCAD."