21 Mar 2022 19:53

KCA Deutag halting investments in Russia on heels of Big Four oil field service cos

MOSCOW. March 21 (Interfax) - International drilling, engineering, and technology company KCA Deutag is halting new investments in Russia and is evaluating further options for the work of its Russian business, the oil field service group said in a statement on its website.

"We are shocked and saddened by the deteriorating situation in Ukraine, and we join many to call upon all parties to urgently work toward a peaceful resolution in the region. Since the start of the conflict, KCA Deutag established a dedicated committee to actively monitor the situation and stay in full compliance with all applicable sanctions. The Group suspended all new investments in Russia and is evaluating its options relating to the Russian business," KCA Deutag CEO Joseph Elkhoury was quoted as saying in the statement.

KCA Deutag has two subsidiaries in Russia, LLC KCA Deutag Russia in Tyumen and LLC KCA Deutag Drilling in Yuzhno-Sakhalinsk.

The so-called Big Four oil field service companies, Schlumberger , Halliburton, Baker Hughes, and Weatherford, announced earlier that they were halting investments in Russia.