KCA Deutag suspends new investments in Russia

Aberdeen (Scotland), March 22 - Neftegaz.RU. International drilling, engineering, and technology company KCA Deutag announced that the company is halting new investments in Russia and is evaluating further options for the work of its Russian business.

Joseph Elkhoury, KCA Deutag´s CEO, said:

• We are shocked and saddened by the deteriorating situation in Ukraine, and we join many to call upon all parties to urgently work towards a peaceful resolution in the region
• Since the start of the conflict, KCA Deutag established a dedicated committee to actively monitor the situation and stay in full compliance with all applicable sanctions
• The Group suspended all new investments in Russia and is evaluating its options relating to the Russian business
• Our thoughts continue to be with those impacted by these tragic events

Aberdeen-headquartered drilling contractor employs nearly 9 300 people worldwide, operating and managing around 110 drilling rigs in 20 countries, including 21 units in Russia.

KCA Deutag has operated in Russia since 2002.
Western Siberia is at the heart of KCA Deutag’s operations which extend across Russia, with its regional head office located in the city of Tyumen.

KCA Deutag also has a strong presence offshore in Sakhalin in Far Eastern Russia.
From its office in Yuzhno-Sakhalinsk the company support 3 platform drilling facilities in the Sea of Okhotsk operated by Sakhalin Energy Investment Company.