OREANDA-NEWS. On 11 June 2008 Integra Group, a leading Russian oilfield service provider, announced that it has acquired NKRS (ZAO Nizhnevartovskyi Kapitalnyi Remont Skvazhin), the largest well workover company in Khanty-Mansyisk Autonomous Okrug.

Integra acquired NKRS and its related subsidiaries for a 50/50 cash and share consideration of US\\$54 million, including the assumption of US \\$1.8 million of debt.

NKRS is a growing company which has 54 crews, operating a total of 32 workover rigs, 2 coil tubing units and 5 cementing units. The Company, based in Nizhnevartovsk, operates mainly in Western Siberia for clients that include: TNK-BP, Slavneft-Megionneftegaz, Vanyeganneft and others.  Based on unaudited data, NKRS’ revenue for the FY2007 amounted to US\\$50.3 million.

Commenting on the transaction, Mark Sadykhov, First Deputy CEO of Integra Group, said:

“NKRS has been in this market for more than six years and has created a good operational reputation, and provides exposure to strong customer base and order book. Together with the workover acquisition made last year, we believe we have created one of the largest providers of workover services in Western Siberia which is expected to provide good efficiency benefits and flexibility of operations”.