Integra Group Announces Acquisition of Obnefteremont
OREANDA-NEWS. Integra Group (LSE: INTE) a leading Russian oilfield service provider, announces that it has executed a purchase and sale agreement to acquire Obnefteremont (ONR), a company specializing in well workovers. The acquisition is subject to approval by Russian antimonopoly authorities in addition to the satisfaction of certain technical conditions precedent. Integra Group anticipates that closing of the deal will occur within the next few weeks. The total deal consideration is dependant on possible adjustments following the completion of due diligence and will be announced upon the deal closure.
Obnefteremont is a fast growing company which has 57 crews operating a total of 65 workover rigs. Based on unaudited data made available to Integra Group by ONR its revenue in the first half of 2007 amounted to US$31.4 million (full year 2006: $48 million, up 62% compared to 2005). EBITDA in 2006 was US$ $7.64 million, nearly three times the EBITDA of 2005.
Commenting on the transaction Mark Sadykhov, Executive Vice President for Oilfield Services of Integra Group, said:
“Obnefteremont, which is led by a team of highly professional individuals, has a strong position in the market, a portfolio of committed customers and almost 10-years experience in well workover operations. We expect the integration of ONR into Integra’s workover operations to provide substantial synergies and to broaden our technological expertise. This acquisition is expected to more than double our workover capacity.
Well-workover is an important business line for Integra Group, which after this acquisition will receive a new momentum for further development and growth. ONR, like other companies integrated into the Integra Group will receive a significant investment resource.”
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