Kca Deutag Limited agreed to acquire Onshore drilling business of Saipem from Saipem SpA on June 1, 2022. Saipem agreed to sell its onshore drilling business to KCA Deutag (KCAD) for $550 million. As per the terms of the deal, Saipem will also receive a 10% stake in KCAD. Employing approximately 4,000 people, Saipem's Drilling Onshore business has a portfolio of 83 land rigs. Saipem said the cash proceeds from the deal would be used to reduce its net debt and fund its 2022 to 2025 business plan. The transaction excludes financial debt transfered to KCAD from Saipem.