KCA Deutag, an oil and gas services company, agreed to acquire Saipem Onshore Drilling, a drilling services provider, from Saipem, an integrated oil and gas company, for $550m. "This milestone acquisition of Saipem Onshore Drilling allows us to significantly upgrade our business by expanding in core geographies in the Middle East and key markets in Europe and Latin America. We have continued to transform our business to enhance the brand and create accretive value for all our stakeholders: employees, customers, investors and the communities where we live and work," Joseph Elkhoury, KCA Deutag CEO.