KCADeutag, a prominent drilling, engineering, and technology partner based in the United Kingdom, has secured an additional $45 million of project financing from Oman Arab Bank (OAB) in a deal that strengthens their relationship and showcases OAB’s commitment to financing high-value projects. This funding is part of a total package of $90 million, supporting the construction of four highly automated new build rigs in Oman. KCADeutag will own and operate these rigs under ten-year contracts. Two rigs have already commenced operations, with the remaining two expected to be completed by 2024.
Sulaiman Al Harthi, CEO of OAB, emphasized the importance of this project in driving economic progress and fostering partnerships that create mutual value. The bank’s Chief Wholesale Banking Officer, Sulaiman Al Hinai, highlighted the integration of KCADeutag into their Corporate Internet Banking platform as a significant milestone in their digital transformation journey. Jan Hetherington, Head of Corporate Development and Treasury at KCA, expressed excitement about the collaboration with OAB and the opportunity to strengthen their banking relationship as construction progresses and the remaining rigs become operational later this year.
This project financing deal with OAB underscores KCADeutag’s ongoing presence in Oman and their strategic position in the Middle East region, making the construction of these highly automated rigs possible. The partnership with OAB is a testament to the power of collaboration and underscores their commitment to delivering solutions that meet clients’ evolving needs. As KCADeutag continues to expand its operations in Oman, opportunities to further strengthen their banking relationship with OAB will be explored to support future projects and initiatives.
The construction of the four highly automated rigs in Oman represents a significant investment in the country’s oil and gas sector. With two rigs already operational and two more set to be completed in 2024, KCADeutag’s presence in Oman is poised to have a positive impact on the local economy and create opportunities for employment and skills development. The project financing from OAB not only supports KCADeutag’s growth and expansion but also contributes to Oman’s overall economic development and energy security.
KCADeutag’s long-term commitment to Oman is evident in their ownership and operation of the four new build rigs under ten-year contracts. This strategic partnership with OAB not only provides the necessary project financing but also opens up opportunities for future collaboration and expansion. As KCADeutag continues to deliver high-quality drilling, engineering, and technology solutions in Oman, the partnership with OAB will play a crucial role in supporting their growth and success in the region.
Overall, the project financing deal between KCADeutag and OAB represents a significant milestone in their partnership and a testament to the power of collaboration in driving economic progress and value creation. As KCADeutag continues to expand its operations in Oman and deliver innovative solutions in the oil and gas sector, the partnership with OAB will be instrumental in supporting their growth and success in the region. The completion of the four highly automated rigs in Oman will not only benefit KCADeutag but also contribute to Oman’s economic development and energy security.
