KCA Deutag - comment

KCA continue to win extensions and new contracts, today announcing $85m of award contracts and extensions in the Middle East, the majority of which is 3 rigs extended for a further 7 years. Additionally, KCA’s engineering business, Kenera, has won a related grid connector contract to reduce diesel emissions and connect directly to the grid.

These contract wins and extensions underline the strength and demand for oil drilling and increases their contract backlog and provide reassurance to valuations.