Schlumberger stake in Russian oilfield services company
Posted: 10 December 2003
Schlumberger has signed an agreement to acquire PetroAlliance Services
Company Limited. Schlumberger will initially acquire 26 per cent
of the company, with a further 25 per cent to be acquired in the
second quarter of 2005, and the remaining interest one year later.
Closing on the first 26 per cent is expected in the first quarter
of 2004.
Completion of each of the three stages is subject to performance
standards and other customary conditions. The total acquisition
price will be determined by a performance-based formula, and paid
one-third in cash and two-thirds in Schlumberger stock.
"We are very pleased to have reached this agreement with PetroAlliance,
the leading independent Russian service provider," commented
Andrew Gould, chairman and chief executive officer of Schlumberger.
"Advances in oilfield service practices and technologies have
already played significant roles in Russia, and making new technology
available through broader service options responds to a growing
need and expresses our confidence in the continuing development
of the Russian oil and gas industry."
PetroAlliance was established in 1995 and has steadily expanded
its activities to include seismic, wireline logging and perforating,
directional drilling, pumping, integrated project management, and
information management and IT-related services. PetroAlliance provides
services to a number of both Russian and international oil and gas
operators.
Alexander Djaparidze, chairman and chief executive officer of PetroAlliance,
remarked, "We welcome this agreement with Schlumberger and
believe that it offers a significant opportunity for the continued
growth of the company's activities. This agreement will allow us
to have access to the best oilfield services technology on the market
and position PetroAlliance to become the leading player in provision
of cutting-edge oilfield technology in Russia."
About Schlumberger
Schlumberger is a global oilfield and information services company
with major activity in the energy industry. The company employs
78,000 people of more than 140 nationalities working in 100 countries
and comprises three primary business segments. Schlumberger Oilfield
Services is the world's premier oilfield services company supplying
a wide range of technology services and solutions to the international
oil and gas industry.
WesternGeco, jointly owned with Baker Hughes, is the world's largest
and most advanced surface seismic company. SchlumbergerSema is a
leading supplier of IT consulting, systems integration, and network
and infrastructure services to the energy industry, as well as to
the public sector, telecommunications and finance markets. In 2002,
Schlumberger operating revenue was $13.2 billion.
For more information see www.slb.com.
About PetroAlliance
PetroAlliance is Russia's largest independent oilfield service company
and provides a broad range of exploration and development services
to international standards. The company, formed in 1995, is independently
owned. PetroAlliance combines advanced technologies and state-of-the-art
equipment from leading oil industry manufacturers with local knowledge
of well and reservoir conditions to offer reliable and competitive
services. The company employs 2,500 people. In 2002, operating revenues
were $112 million.
For more information see www.petroalliance.com.
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
