Gazprombank ups stake in oilfield services firm to 49.7% for 1 bln rubles in 2014
MOSCOW. April 29 (Interfax) - Gazprombank has increased its stake in Newtech Services Holding, a Cyprus-based firm that owns oilfield services company LLC NewTech, to 49.7%, the Russian bank reported in its IFRS financial statement for 2014.
Based on information from the bank, Gazprombank held a 40% stake in the Cyprus company at the end of 2013.
The bank increased its stake in Newtech by making several contributions to the company's capital in 2014 and by converting a portion of a loan into shares in the Cyprus company. The capital injections into Newtech last year totaled 989 million rubles, the bank reported.
NewTech Services is an oilfield services company that specializes in making drill bits, downhole drill motors and telemetric systems, and in providing well construction, completion and repair services and various types of drilling services. The company operates in Russia, other countries in the former Soviet Union, Vietnam and the United States.
NewTech Services closed 2013 with a net profit of almost 273 million rubles on revenue of nearly 3.7 billion rubles, the SPARK-Interfax database shows.
LLC NewTech Services is wholly owned by NewTech Services Holding. Gazprombank's acquisition of an interest in NewTech was reported in 2012, but the size of the acquired stake was not disclosed.