Onshore driller H&P closes $1.97 billion acquisition of UK competitor KCA Deutag

Helmerich & Payne, Inc. (H&P) today announced that it has completed its acquisition of KCA Deutag, establishing a global leader in onshore drilling in a deal valued at nearly $2 billion.

“We are excited to complete this transformative acquisition and welcome KCA Deutag’s talented employees to H&P,” said John Lindsay, President and CEO of H&P. “Today marks an important milestone for our company, customers and shareholders as we create an organization with an enhanced global footprint, exceptional service capability and superior technology offering. We are focused on ensuring a seamless transition and delivering on the strategic and financial benefits of the transaction.”

Lindsay continued, “Over the past several months, team members across the company have been diligently working on the planning associated with this integration and providing excellent service to our customers. I am appreciative of and impressed by the entire team across our global operations for all of their hard work and commitment. I’d also like to thank KCA Deutag CEO Joseph Elkhoury for his support throughout this integration planning process and wish him the best in his future endeavors.”

With the acquisition of KCA Deutag, H&P expects to deliver near- and long-term growth and value creation by:

• Accelerating international growth strategy by significantly increasing its Middle East presence:
• Enhancing scale and diversification, with a robust geographic and operational mix across U.S. and international crude oil and natural gas markets; and
• Strengthening cash flow with a more diversified and durable revenue stream.

As previously announced, H&P remains headquartered in Tulsa, Oklahoma, and John Lindsay continues to serve as President and CEO. Joseph Elkhoury, CEO of KCA Deutag, will not continue with H&P.

H&P expects to provide an updated outlook for fiscal year 2025 in connection with reporting fiscal first quarter 2025 results.