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Rosneft has closed the acquisition of Targin, an oilfield service company 30.12.2016

Rosneft has closed the acquisition of Targin, an oilfield service company

OJSC Rosneft and JSFC Sistema have closed the acquisition of 100% shares of JSC Targin by the oil company. The deal amounted to RUB 4.1 bln.

The deal is fully consistent with Rosneft’s strategy to increase the capacity of own oilfield service unit. As a result of Targin acquisition, Rosneft’s drilling rigs fleet increased by 19% and the number of own well repair crews increased by 30%. Overall, the Rosneft’s share in the field of domestic well drilling increased to 60%; well repair, to 40%.

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