LUXEMBOURG, March 3, 2010 /PRNewswire/ -- Volga Resources SICAV-SIF S.A. (Volga), the Luxembourg-based investment fund, announces that it has agreed to acquire, for an undisclosed sum, a stake of 25% in the share capital of Geotech Oil Services Holding Limited (Geotech or the Company), the leading onshore seismic provider in Russia and the CIS. The stake is being bought directly from Black River Asset Management, Farallon Capital Management, Geotech's senior management and also through the subscription to a new share issue.
Completion is expected within the first half of this year. Thereafter Geotech will have a strong shareholder base consisting of Farallon Capital Management, Pinebridge Russia Century Partners, L.P. (formerly AIG Russia Century Fund) and Volga Resources and management, who are committed to support the development of the Company as a market leader in Russia and the CIS.
Geotech is one of the largest onshore seismic service providers in the world, with its activities covering all types of complex seismic data acquisition. Geotech employs over 12,000 people, including highly qualified specialists in their various fields of expertise. The Company develops certain proprietary processes and technologies and manufactures globally recognised specialised equipment. Geotech is also active in exploration and development drilling and intends to expand this service offering further in the future.
Commenting on the acquisition, Chlodwig Reuter, Chairman of Volga Resources said: This acquisition builds on our existing presence within the oil and gas sector and on our longstanding experience of the industry and its supply chain. Geotech has a long history in Russia and the CIS of being a well managed participant in the field of seismic data. We are excited about its growth and expansion potential.
Volga Resources' financial adviser for the transaction was Credit Suisse and legal adviser was Latham Watkins.
Volga Resources SICAV-SIF S.A. is a private investment fund registered in Luxembourg in 2007. The Fund invests in projects in the oil gas sector, infrastructure, development, financial services in Central and Eastern Europe, CIS, Russia and Turkey. More information is available at http://www.volga.lu
For further information contact: Stuart Leasor M: Communications Tel: +44-20-7920-2317 Anton Kurevin Mikhailov Partners Tel: +7-495-956-3972
SOURCE: Volga Resources SICAV-SIF S.A
CONTACT: For further information contact: Stuart Leasor, M: CommunicationsTel: +44-20-7920-2317, Anton Kurevin; Mikhailov Partners: Tel:+7-495-956-3972