Helmerich & Payne has completed its acquisition of KCA Deutag International Ltd., H&P said on Jan. 16.
The $1.97 billion deal adds KCA’s global geographic footprint to H&P’s portfolio, positioning the company as an international onshore drilling powerhouse, particularly in the Middle East. The company’s geographic and operational mix in the U.S. and in international crude and natural gas markets will enhance the company’s scale and diversification, H&P said in the press release.
“If you want to be big in the U.S., you have to be in the Permian, and if you want to be big globally, you have to be in the Middle East,” H&P President and CEO John Lindsay said when the deal was announced in July 2024.
The deal diversifies the company’s revenue stream to strengthen the company’s cash flow at a time when more consolidation in the oilfield services sector is expected following a robust M&A year for E&Ps in 2024.
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H&P will remain headquartered in Tulsa, Oklahoma, with CEO Lindsay at the helm. KCA Deutag CEO Joseph Elkhoury will not continue with H&P.