Integra Group announced that it has closed the deal on acquisition of SIAM Company (SIAM), a leading Russian oilfield services company specializing in wireline and slickline services, production logging and testing. Integra paid RR2.2 bln (US$71 mln) which was financed by a combination of internal cash resources and use of existing debt facilities. The Company has been acquired on a cash free and debt free basis. Acquisition of SIAM provides new opportunities for further expansion of Integra’s portfolio of technology services and reinforces the Company’s position as the leading Russian provider of complex OFS solutions at all stages of oilfield development. SIAM’s results of operations will be consolidated into the Group’s financial statements starting from 4Q 2011.
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