Italy's Saipem sells onshore drilling business to KCA Deutag


Italian energy services group Saipem has agreed to sell its onshore drilling business to Britain's KCA Deutag (KCAD) for $550 million, as it strives to bolster its finances and focus on offshore drilling. Both companies are leading contractors at Kazakhstan’s core oil fields of Kashagan (offshore) and Tengiz (onshore).

Asset sales...