Helmerich & Payne（H&P）计划斥资 19.7 亿美元收购 KCA Deutag，这将使这家总部位于俄克拉荷马州塔尔萨的钻井公司在中东地区拥有稳固的运营足迹。

两家公司于 7 月 25 日宣布了该交易，预计交易将于今年晚些时候完成，但须满足惯例成交条件并获得监管部门的批准。

H&P 总裁兼首席执行官约翰·林赛 (John Lindsay) 在讨论此次收购的电话会议上表示：“这是一项变革性的交易，将加速我们多年来一直在谈论的国际增长。”

H&P 高级副总裁兼首席财务官马克·史密斯 (Mark Smith) 在电话会议中表示，此次收购尤其具有吸引力，因为 KCA Deutag 在中东地区有业务。他说，这种规模在该地区“很难复制”。

此次收购将使 H&P 在中东的钻井数量从 12 座增加到 88 座，其中 71 座位于沙特阿拉伯、阿曼和科威特，因此 H&P 将成为未来几年需求预计会增加的市场上最大的钻井供应商之一。

对于 Lindsay 来说，这笔交易不仅仅涉及钻井平台。

他在一份新闻稿中表示：“收购 KCA Deutag 使 H&P 能够立即在中东核心市场扩大规模，而这种规模很难通过有机方式复制。”“此外，由于地理重叠很小，我们认为这笔交易不仅仅是收购资产，而是收购拥有优秀人才的业务。”

KCA Deutag的资产主要是常规钻井平台，而H&P的钻井平台在过去15年里趋向于非常规钻井平台。

“我们真的很喜欢他们拥有的船队，更重要的是，客户也喜欢他们拥有的船队，”他在电话中说道。他表示，KCA 多年来在钻井平台上投入了“大量资金”，“我们对这支船队感觉非常好。” 

史密斯表示，如果设备维护不当，KCA 就无法达到“现在的性能水平”。

KCA Deutag首席执行官Joseph Elkhoury在新闻稿中表示，“合并后的公司的规模和财务实力将为长期增长和多元化提供稳定的基础。”

本月初，KCA Deutag 完成了自己的转型收购，即以 5.5 亿美元收购 Saipem 陆上钻井公司。KCA Deutag 于 2022 年 6 月宣布收购 Saipem 的陆上钻井业务，以扩大其在中东和拉丁美洲的业务范围

H&P 扩张

H&P 于 2020 年启动了其中东扩张战略，并于 2022 年首次探索了 KCA Deutag 的机会。H&P 后来在沙特阿拉伯获得了八个钻井平台的工作，并从中东出口。

除了中东业务外，H&P 的 KCA 交易还将增加一项轻资产海上管理合同业务，主要包括管理的 29 个海上平台钻井平台和 KCA Deutag 的 Kenera 制造和工程业务。

H&P 预计，此次交易将使其国际陆地业务的独立增长从约 1% 增至基于 2023 日历年息税折旧摊销前营业利润 (EBITDA) 的预测基础的约 19%。预计海上业务的独立增长将从约 3% 增至基于 2023 日历年营业 EBITDA 的预测基础的约 7%。

尽管两家公司在地理上几乎没有重叠，但 H&P 预计到 2026 年将实现约 2500 万美元的协同效应，这主要归功于减少管理费用和采购节省。

“他花了好几个月的时间进行尽职调查，”史密斯说道，他于二月份宣布自己即将从 H&P 退休。“他考虑这个问题很久了。”

H&P 预计，此次以现金和新借款为资金的收购将立即提高公司的价值，并表示，预计到 2026 年，此次交易产生的利润将高于收购资金的成本。

H&P 的总部仍设在塔尔萨，John Lindsay 将继续担任总裁兼首席执行官。交易完成后，H&P 预计将拥有三个主要运营部门：北美解决方案、国际解决方案和离岸解决方案，其中北美解决方案部门保持不变。

Helmerich & Payne’s (H&P) planned $1.97-billion purchase of KCA Deutag will give the Tulsa, Oklahoma-based drilling company a solid operating footprint in the Middle East.

The two companies announced the deal, expected to close later this year subject to meeting customary closing conditions and regulatory approvals, on 25 July.

“It’s a transformational deal that accelerates the international growth we've been talking about for years,” H&P President and Chief Executive Officer John Lindsay said during a conference call discussing the acquisition.

Mark Smith, H&P senior vice president and chief financial officer, said during the conference call that the purchase is particularly attractive because of KCA Deutag’s Middle East presence. That scale, he said, is otherwise “hard to replicate” in that region.

The acquisition increases H&P’s rig count in the Middle East from a dozen rigs to 88 rigs–71 of which are in Saudi Arabia, Oman, and Kuwait–to position H&P as one of the largest rig providers in a market expected to see demand increase over the next few years.

To Lindsay, the transaction is about more than the rigs.

“Acquiring KCA Deutag gives H&P immediate scale in core Middle East markets in a way that would be challenging to replicate organically,” he said in a press release. “Furthermore, as there is very little geographic overlap, we view this transaction more than just acquiring assets, but rather acquiring operations with quality people.”

KCA Deutag’s assets are mostly conventional drilling rigs while H&P’s rigs have trended toward unconventional over the past 15 years.

“We really like the fleet they have, and more importantly, the customers like the fleet they have,” he said during the call. KCA has invested “a lot” in the rigs over the years, he said, and “we feel really good about the fleet.” 

Smith said KCA couldn’t achieve the “level of performance they are achieving if the equipment weren’t well maintained.”

KCA Deutag CEO Joseph Elkhoury said in a press release, “The size, scale and financial strength of the combined organization will provide a stable foundation for long-term growth and diversification.”

Earlier this month, KCA Deutag wrapped up its own transformational acquisition, that of Saipem Onshore Drilling for $550 million. KCA Deutag announced in June 2022 it was acquiring Saipem’s onshore drilling operations to grow its footprint in the Middle East and Latin America

H&P Expansion

H&P started its Middle East expansion strategy in 2020 and initially explored the KCA Deutag opportunity in 2022. H&P later secured work in Saudi Arabia for eight rigs, which it exported from the Middle East.

In addition to Middle East business, H&P’s KCA transaction will add an asset-light offshore management contract business that primarily comprises 29 offshore platform rigs under management and KCA Deutag’s Kenera manufacturing and engineering business.

H&P expects this transaction to grow its international land operations from about 1% on a standalone basis to about 19% on a pro forma basis based on calendar year 2023 operating earnings before interest, taxes, depreciation, and amortization (EBITDA). Offshore operations are expected to grow from about 3% on a standalone basis to around 7% on a pro forma basis based on calendar year 2023 operating EBITDA.

Even though there is little geographic overlap between the two businesses, H&P does expect to realize about $25 million in synergies by 2026, mostly due to reducing overhead and procurement savings.

“We’ve had many months of due diligence,” said Smith, who announced his upcoming retirement from H&P in February. “We’ve thought about this a long time.”

H&P expects the purchase, funded by cash on hand and new borrowings, to immediately increase the company’s value, and said it expects that by 2026, the profit generated from the deal will be greater than the cost of acquiring the funds used for the purchase.

H&P will keep its headquarters in Tulsa, and John Lindsay will continue to serve as president and CEO. Upon closing the transaction, H&P expects to have three primary operating segments: North America Solutions, International Solutions, and Offshore Solutions, with the North America Solutions segment remaining unchanged.