ISLAMABAD: The Competition Commission of Pakistan (CCP) has authorized the acquisition of 100pc shareholding in KCA Deutag International Limited by HP Global Holdings Limited (H&P).
The proposed transaction involves the purchase of KCA Deutag from Sculptor Special Master Fund Limited, including its 18.5% shareholding in KCA Deutag GmbH, registered in Pakistan.
KCA Deutag, a major player in the global oil field services sector and registered under US laws, provides drilling and engineering services, operating 138 onshore rigs worldwide. HP Global Holdings Limited, a wholly owned subsidiary of Helmerich & Payne, Inc, specializes in contract drilling services for the international oil and gas industry. The acquisition will transfer ownership of KCA Deutag International to HP Global Holdings.
After a comprehensive review in accordance with the Competition Act, the CCP determined that the transaction does not result in the acquirer gaining a dominant position in the relevant market, defined as the oil field services sector in Pakistan. Since HP Global Holdings is not currently operating in Pakistan, the acquisition will not impact its market share in the country.
The transaction has been approved under Section 31(1)(d)(i) of the Competition Act, 2010, and is not expected to negatively affect competition in the market.
Copyright Business Recorder, 2024
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