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Saipem Sells Onshore Drilling Business to KCA Deutag to Cut Debt – Bloomberg

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Saipem SpA reached an agreement to sell its onshore business to KCA Deutag in a move to help trim its debt pile after the Italian drilling specialist issued a shock profit warning earlier this year.
KCA will pay $550 million for the unit, according to a statement Wednesday. Saipem will get a 10% stake in the UK oil drilling firm as part of the accord. Proceeds from the deal, previously reported by Bloomberg, “will improve Saipem’s liquidity, lowering its net debt,” the company said. 


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