Smith International, Inc. and Integra Group have agreed to form a 50/50 joint venture to supply a wide range of technologically-advanced downhole oilfield service and engineering solutions in Russia and the other countries of the Commonwealth of Independent States (CIS). The joint venture will offer drilling and completion services to customers throughout the region utilizing downhole tools and technical capabilities provided by Smith Services and supported by the infrastructure, engineering expertise and personnel of Integra Group.
Finalization of the joint venture is subject to confirmatory due diligence and relevant approvals, with closing expected in the third quarter of 2008.
Integra Chief Executive Officer, Felix Lubashevsky, said, "Through Smith Eurasia, which is part of Integra, we have nearly fifteen years of valuable cooperation with Smith International – one of the global leaders in the oilfield services market. We are excited that this relationship is now being taken to a new level creating rewarding opportunities for both partners. We are convinced that industry-leading technology of Smith International coupled with Integra's platform in Russia and the CIS will create an extremely competitive joint venture which will grow substantially in these markets."
Bryan Dudman, President of the Smith Services business unit of Smith International, Inc., said, "Partnering with Integra gives us a strong presence in the Russia and CIS markets, a region where Smith currently generates about seven percent of its Oilfield segment revenues. We are seeing a significant amount of investment being made by operators in this region and believe this venture will help us bring significant value to our customers and shareholders. We are very excited and enthusiastic for the future."
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