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04/04/2014
09:53
M&A: Rosneft completes acquisition of Orenburg Drilling Company

Rosneft has completed acquisition of 100% in Orenburg Drilling Company from VTB-Leasing Group's entities, Rosneft informed.

The acquisition of Orenburg Drilling Company is the key aspect of the program aimed at the re-equipment of Rosneft's fleet of drilling units and implementation of the policy of the group for internal service share increase. Acquisition of Orenburg Drilling Company will provide most important regions of the Company's activities with drilling operations subject to maximum pricing efficiency, the statement points out.

"The Orenburg Drilling Company fleet of drilling units is one of the most modern in terms of technology and average age of the drilling units. As a result of the transaction, Rosneft's internal service share will increase enough to considerably improve efficiency of drilling projects implementation at the Company's greenfields and brownfields, in particular by means of cost control at each stage of wells construction. Rosneft plans not only to concentrate on domestic drilling needs, but to carry on rendering services to third-party customers, contributing to oil production efficiency improvement," First Vice President of Rosneft Eric Liron was referred to as commenting on the transaction.

Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. In 2013, Rosneft's proved SEC compliant reserves increased by 11.5% to 33.014 billion boe. The company increased daily production of hydrocarbons by 80% to 4.873 million barrels.

The company's authorized capital is RUB 105.981 million. This amount is represented by 10,598,177,810 common shares at par value of RUB 0.01. The company's largest shareholder is state-owned company Rosneftegaz.

IFRS net profit of Rosneft for 2013 grew by 51% to RUB 551 billion from RUB 365 billion the year before. Sales revenue was RUB 4.694 billion, EBITDA amounted to RUB 947 billion.




"AK&M", 04.04.2014

 

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