OJSC Joint-Stock Financial Corporation Sistema (JSFC Sistema) intends to establish one of the leading oilfield companies in Russia, as stated by the company's president Mikhail Shamolin, referred to in Sistema's statement.
"Sistema's acquisition of Bashneft oilfield services provides an attractive entry into the world's second largest oilfield services market," Mikhail Shamolin, President and CEO of Sistema commented, adding that Sistema expected to transform BNSA into one of the leading oil services providers in Russia, benefiting from a clear development plan, substantial existing sector expertise and possible future partnership opportunities.
Sistema's plans over the medium term include improving and optimizing the company's costs and operations, establishing transparent and competitive bidding process, renovating and upgrading the company's asset base, as well as expanding its client base. BNSA development will be funded by the company's own cashflow, as well as external financing if required. It is anticipated that Bashneft will remain one of the largest contractors for BNSA.
It will be recalled that Sistema completed the acquisition of the 100% equity stake in LLC Bashneft-Service Assets from JSOC Bashneft for RUB 4.1 billion on September 30.
Bashneft completed the setting-up of an oilfield service holding company in March 2013. Felix Evtushenkov. Chairman of Bashneft's Board of Directors, became Chairman of the Board of Directors at LLC Bashneft-Service Assets, Kamil Zakirov was appointed CEO.
The oilfield holding managed by Bashneft-Service Assets comprised 11 oilfield service entities: LLC Bashneft-Bureniye, LLC Ufimsky Administration of Underground Workover, LLC Bashkirsky Branch of Well Workover, LLC Oktyabrsky Plant of Oilfield Equipment, LLC Neftekamsky Plant of Oilfield Equipment, LLC Department of Motor Vehicles of Bashneft, LLC Oktyabrskoye Administration of Utility Vehicles, LLC Arlanskoye Administration of Utility Vehicles, LLC Arlanskoye Administration of Maintenance of Site Access Roads, LLC Transkhim, LLC Yanaulskoye Administration of Neftestroymontazh.
Joint-Stock Financial Corporation Sistema (JSFC Sistema, tax number: 7703104630) is a public diversified corporation providing services to more than 100 million consumers related to the following industries: telecommunications, high technologies, fuel and energy, radio and space technologies, banking services, retail trade, mass media, tourism and medical services. The company was established in 1993.
The authorized capital of JSFC Sistema is RUB 868.5 million represented by 9.65 billion common shares at par value of RUB 0.09. Vladimir Evtushenkov, the company's BOD Chairman, holds 64.18% of shares, Deutsche Bank Trust Company Americas holds 19% of shares.
Net profit JSFC Sistema as per US GAAP in Q2 2013, according to the company's unaudited statement, was $527.9 million against a loss of $162.8 million for the same period in 2012. Net profit without one-off adjustments decreased by 8.1% to $345.1 million from $375.6 million. Consolidated revenue grew by 6.7% to $8.473 billion from $7.941 billion, OIBDA without one-off adjustments increased by 9.4% to $2.13 billion from $1.948 billion, OIBDA margin without one-off adjustments to 25.1% from 24.5%.
According to the information and retrieval system DataCapital, RAS net profit of JSFC Sistema for H1 2013 dropped 2.4-fold to RUB 29.631 billion from RUB 70.738 billion for the same period in 2012. Revenue decreased by 42.4% to RUB 12.701 billion from RUB 22.061 billion.
BNSA is an oil services company focused on onshore drilling and work over operations, equipment servicing and manufacturing, transportation and construction. In 2012, the company operated a fleet of 104 drilling rigs, 180 workover rigs and more than 5,000 transportation vehicles. The company primarily operates in Volga-Urals, Komi, Khanty Mansi and Nenets autonomous areas. Its largest contractor is Bashneft.
AK&M "M&A Market"
"AK&M", 01.10.2013 16:25