Integra announces new deal of joint venture
A new merger has been agreed between Integra and Geotech Holding.
Russian oil firm Integra has completed business negotiations with Geotech Holding over merging its Schlumberger joint venture.
The deal will see Geotech Oil Services Holding (GOSH) transfer 99 per cent of the issued share capital of Geotech Holding to IG Seismic Services (IGSS) in exchange for newly-created stocks in the latter company.
On completion of the transaction, Integra - which is due to hold its extraordinary general meeting on December 5th - will hold 36 per cent of IGSS, Schlumberger 12 per cent and GOSH the remaining 52 per cent.
Extensive negotiation strategies could have been used to agree upon the final make-up of the scheme.
It is expected one of the largest land seismic companies globally will be developed as a result of the link-up.
"Following completion of the transaction, we intend to focus on continuing to expand Integra Group's position as a leading provider of well construction, production and completion services ... in Russia," said Antonio Campo, chief executive officer of Integra Group.
Posted by David Gleck
Source: Integra press release, November 9th