Aberdeen-based KCA Deutag said yesterday it had about £156million extra to spend on growing the business internationally after a refinancing deal.
A spokeswoman said that the money would help the international drilling and engineering contractor to break into new markets, including Brazil, and increase its presence in areas such as south-east Asia.
KCA Deutag said about £187million of the £343million of fresh equity would be used to pay down debt.
Specialist investment firm Pamplona Capital Management, which had owned KCA Deutag outright since November, has given up part of its stake to lenders in the deal.
New shareholders include Golden Tree Asset Management, EIG Global Energy Partners and BlackRock Financial Management.
Although London-based Pamplona is still the energy service company’s biggest shareholder following the refinancing, yesterday’s statement by KCA Deutag did not give any further details of the new ownership mix.
KCA Deutag chief executive Holger Temmen said: “Throughout this period, KCA Deutag’s operational and financial performance remained very robust.
“The opportunities developing in markets such as Russia, Iraq, Algeria and the emerging unconventional oil and gas plays in Europe leave me very optimistic about our medium-term growth prospects.”
KCA Deutag employs more than 8,000 people worldwide, including 300 in Aberdeen and 400 offshore in the UK North Sea.
The spokeswoman for the company said the refinancing deal was likely to have a positive impact on jobs.
She added: “We are already building five rigs during 2010-11 and this will lead to further employment in a number of overseas markets, using expatriate and local personnel.
“The growth capital in the business will be invested in further new assets and geographic expansion will also translate to more jobs in the future.”
KCA also said chairman Tim Summers had stepped down and been replaced by Pamplona founder and chief executive Alex Knaster after the financial restructuring, while Chris Hughes and Bob Ellis, appointed as non-executive directors on the drilling contractor’s board at the start of the refinancing process have also stepped down.