Scotland business

Drilling firm KCA DEUTAG buys barge company

Image caption KCA DEUTAG say the deal will give it access to markets in South East Asia and Mexico

Aberdeen firm KCA DEUTAG has bought the Singapore company Global Tender Barges (GTB) for an undisclosed sum.

The north east firm has operated three drilling rig barges owned by GTB since 2008.

KCA said the deal increased the scale of its mobile offshore drilling units division and gave it access to the South East Asia and Mexican markets.

KCA originally owned 10% of GTB and this deal will contribute about £70m in revenues to KCA's balance sheet.

Holger Temmen, KCA DEUTAG's chief executive said: "This deal is a natural evolution in assets that we have operated successfully on behalf of GTB for the last three and a half years.

"The three rigs have an excellent order backlog and bidding activity in the barge sector remains high, with a number of exciting long term opportunities in South East Asia and West Africa that may also justify investing in new-build units."

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