Helmerich & Payne Makes Big Bet on Middle East With ~$2B KCA Deutag Acquisition
Helmerich & Payne Makes Big Bet on Middle East With ~$2B KCA Deutag Acquisition
Helmerich & Payne, Inc. (NYSE:HP) shares are trading higher today. The company disclosed the acquisition of KCA Deutag for $1.9725 billion in cash.
今天Helmerich & Payne, Inc. (NYSE:HP) 股票上漲。該公司披露以19.725億現金收購KCA Deutag。
KCA Deutag is a drilling company with a land drilling presence in the Middle East. The acquisition grants Helmerich substantial entry into land operations in the region, where KCA Deutag earned about 70% of its 2023 Operating EBITDA.
KCA Deutag是一家在中東擁有陸地鑽井業務的公司。該收購使Helmerich 大力進入該地區的陸上業務，在那裏，KCA Deutag約70%的2023年運營EBITDA來自該地區。
The transaction is expected to close before the end of calendar year 2024, pending customary closing conditions.
交易預計將在2024年日曆年結束前完成，前提是符合慣例的交割條件。
Post-acquisition, Helmerich's Middle East rig count will jump from 12 to 88, with 71 rigs in Saudi Arabia, Oman, and Kuwait, making it one of the region's largest rig providers.
收購後，Helmerich在中東的鑽機數量將從12台增加到88台，在沙特阿拉伯、阿曼和科威特擁有71臺鑽機，成爲該地區最大的鑽機供應商之一。
The Middle East rig market is projected to grow, and with KCA Deutag's ~$5.5 billion contract backlog and strong customer base, H&P will gain resilient revenues and improved earnings visibility.
中東的鑽機市場預計將增長，而KCA Deutag的約55億美元合同積壓和強大的客戶基礎將使H&P獲得有彈性的收益和改善的收益能見度。
Synergies: H&P expects this transaction to grow its international land operations from ~1% on a standalone basis to ~19% on a pro forma basis based on calendar year 2023 Operating EBITDA, and also its offshore operations will rise from ~3% to ~7%.
協同作用：H&P預計此交易將使其國際陸地業務從獨立基礎的約1%增長至約19%，基於2023年日曆年運營EBITDA的基準，並且其海上業務將從約3%增長至約7%。
The combined company's last-twelve months Operating EBITDA stands at approximately $1.2 billion.
合併公司過去十二個月運營EBITDA約爲12億美元。
The transaction is anticipated to be immediately accretive to cash flow and free cash flow per share, with double-digit free cash flow accretion expected by 2025. Returns are projected to surpass the cost of capital by 2026.
預計此交易對每股現金流和自由現金流立即增長，到2025年將實現兩位數的自由現金流增長。收益預計將在2026年超過資本成本。
Despite the minimal geographic overlap, Helmerich anticipates achieving ~$25 million in run-rate synergies by 2026, mainly from overhead reductions and procurement savings.
儘管地理重疊很小，Helmerich預計到2026年將實現大約2500萬美元的同步運轉支持，主要來自開銷減少和採購開支節約。
Post-closure, H&P will have three main operating segments: North America Solutions, International Solutions, and Offshore Solutions, with North America Solutions remaining unchanged.
交割後，H&P將擁有三個主要運營部門：北美解決方案、國際解決方案和近海解決方案，其中北美解決方案保持不變。
Yesterday, the company reported third-quarter adjusted EPS of $0.92, above the consensus of $0.77, and revenue of $698 million, beating the street view.
昨天，該公司發佈了第三財季調整後的每股收益爲0.92美元，高於0.77美元的共識，收入爲69800萬美元，超出了市場預期。
As of June 30, the company's cash and cash equivalent stood at $203.6 million.
截至6月30日，該公司的現金及現金等價物爲20360萬美元。
Investors can gain exposure to the stock via Invesco S&P SmallCap Energy ETF (NASDAQ:PSCE) and SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF (NYSE:XES).
投資者可以通過景順標普小型能源etf (納斯達克：PSCE) 和SPDR系列信託SPDR標普石油和天然氣設備和服務etf (紐交所：XES) 獲得該股票的曝光。
Price Action: HP shares are up 10.4% at $41.70 at the last check Thursday.
截至週四，HP股價上漲10.4%，至41.70美元。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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