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15/07/2014
17:00
M&A: Rosneft buys oil field services from Weatherford International

Rosneft President Igor Sechin and Vice President of Weatherford International plc. for Russia Lance Marklinger signed an agreement for the acquisition of Rosneft land drilling and workover assets of Weatherford in Russia and Venezuela, Rosneft informed.

The transaction value has not been disclosed.
The agreement envisages the acquisition of 8 companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela. The document also envisages the development of long-term cooperation in oil field services between Rosneft and Weatherford.

The closing of the transaction is subject to, among other things, to corporate and state regulatory approvals and is expected to close in the third quarter of 2014.

The realization of the deal will allow Rosneft to strengthen its positions on the market of drilling and workover services and will expand the array of service contractors which will enable to boost efficiency of drilling and hydrocarbons production, enhance financial results.

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.

According to the DataCapital information retrieval system, RAS net profit of Rosneft for 2013 decreased 2.2 times to RUB 136.278 billion. Revenue went up 36.5% to RUB 3.544 trillion, cost value increased by 52.5% to RUB 1.969 trillion. Pre-tax profit decreased 2.2-fold to RUB 154.8 billion.


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