On July 25, 2024, Helmerich & Payne, Inc. (H&P) entered into a definitive agreement to acquire KCA Deutag International Limited for $1.9725 billion USD (approximately CAD 2.6 billion) in cash. The acquisition significantly enhanced H&P's international presence, particularly in the Middle East, which accounted for around two-thirds of KCA Deutag’s 2023 Operating EBITDA. The deal added 76 rigs in Saudi Arabia, Oman, and Kuwait to H&P's portfolio, boosting its Middle East rig count to 88.

KCA Deutag's operations spanned land drilling in South America, Europe, and Africa, and offshore management in the North Sea, Angola, Azerbaijan, and Canada. The acquisition also included Kenera, KCA Deutag’s manufacturing and engineering segment. Both companies have operations in Canada, with H&P designing, fabricating, and operating high-performance drilling rigs, and KCA Deutag managing offshore operations.

H&P CEO John Lindsay stated that the acquisition accelerated H&P's international expansion and enhanced its leadership in onshore drilling solutions. KCA Deutag CEO Joseph Elkhoury emphasized the strategic benefits for stakeholders and the creation of a robust global network.

Financial advisors for H&P were Morgan Stanley & Co. LLC, with Kirkland & Ellis LLP providing legal counsel. KCA Deutag was advised by Moelis & Co and PJT Partners, with A&O Shearman serving as legal advisor. The transaction, funded through cash and new borrowings, was expected to close by the end of 2024, subject to regulatory approvals.