Integra Group announces acquisition of SIAM Company
Integra Group announces that it has executed a purchase and sale agreement to acquire SIAM Company (SIAM), a leading Russian oilfield services company specializing in wireline and slickline services, production logging and testing. The transaction amount is RR2.2 bln (US$76 mln). Integra Group anticipates that closing of the transaction will occur within the next two months. The transaction will be financed by a combination of internal cash resources and external borrowings.
“Acquisition of SIAM provides new opportunities for further expansion of our portfolio of technology services in line with the strategy to enhance Integra’s high-margin product offering. Increasing our footprint in the oil and gas production market, SIAM reinforces Integra’s position as the leading Russian provider of complex OFS solutions at all stages of oilfield development. SIAM’s success is built on innovation by an outstanding team of people, world-class products and a great relationship with its customers, which is reflected in their solid financial results. The SIAM brand is recognized across Russia and increasingly beyond, based on extensive operational experience and international partnerships,” said Integra Group CEO, Antonio Campo.
Integra Group will retain the SIAM brand for its commercial purposes.