ZAO Geotech Holding and IGSS combined their seismic assets
GEOTECH OIL SERVICES HOLDING LIMITED (GOSH) company, owning 99% common stocks of ZAO Geotech Holding, which form 99% of authorized capital, Integra Group (Integra) and Schlumberger Oilfield Holdings Limited (Schlumberger) closed the deal, combining their seismic businesses by participation in IG Seismic Services Limited (IGSS).
Integra Group, Schlumberger and Geotech Oil Services Holding Limited (GOSH) combined their production assets in Russia and CIS. Consolidation happened in geophysical and seismic survey sphere.
According to the deal mentioned above, IGSS owns 99% of Geotech`s authorized capital, in its turn GOSH owns 52%, Integra 36% and Schlumberger 12 % of IGSS shares.
Thereby, Volga Resources fund, major shareholder of ZAO Geotech Holding got about 13%, top-managers, leaded by the founder Nikolay Levitskiy (Chairman of the Board of Directors of ZAO Geotech Holding), got about 27%, institutional investors are going to get 12% of IGSS stakes. Integra’s share in IGSS fell from 75% to 36%, Schlumberger`s share decreased from 25% to 12%.
The merger between IGSS and ZAO Geotech Holding will help to create the largest geophysical and seismic company in Russia, as well as one of the largest companies in the world. The scale of new business will expand company`s activities not only in Russia and CIS, but also over the world.
IG Seismic Services (the holding Company of newly created Group of Integra’s Seismic companies and Geotech’s Seismic companies) consolidates the following companies:
- Integra Geophysics
- Azimuth Energy Services
- Boguchan Geophysical Expedition
- Ilimpey Geophysical Expedition
- Orenburg Geophysical Expedition
- GEOTECH- Eastern Geophysical Company
Specialized Geophysical Centers:
- Geologiya Rezervuara
Overview: ZAO Geotech Holding was founded by Nikolay Levitskiy in 2006. Top-management owned 77%, institutional investors owned 23% of «Geotech Oil Services Holding Limited», the mother company of Geotech Holding. In 2009 Volga Resources Sicav-SIF company (owned by Gennady Timchenko) bought 25% stake of Geotech Oil Services Holding Limited. Integra is one of the leading Russian oilfield service was founded in 2004. Beginning of February 2007 GDRs of Integra are traded at London Stock Exchange. Schlumberger is the largest western oilfield service company, presented in Russia.