KCA Duetag gets $45mn project financing from OAB

KCA Duetag gets $45mn project financing from OAB

Muscat – KCA Deutag, a leading UK-based drilling, engineering, and technology company, has secured an additional $45mn of project financing from Oman Arab Bank (OAB). This builds upon the previous $45mn financing acquired by the company in 2023. The total funding package of $90mn supports the construction of four highly automated new build rigs, the […]Muscat – KCA Deutag, a leading UK-based drilling, engineering, and technology company, has secured an additional $45mn of project financing from Oman Arab Bank (OAB). This builds upon the previous $45mn financing acquired by the company in 2023.

The total funding package of $90mn supports the construction of four highly automated new build rigs, the first to be constructed in Oman. As previously announced, KCA Deutag will own and operate the rigs having secured ten-year contracts.

The first two rigs have been completed and commenced operations at the beginning of the year, while the construction of the remaining two rigs is underway and is expected to be completed in 2024. The project financing will be repaid over ten years following completion.

In a press statement, Sulaiman al Harthi, Chief Executive Officer of OAB, said, “This project strengthens our relationship with a key industry player in the world and