Last checked at 29 Nov 2011 12:55
November 29, 2011
HMS Hydraulic Machines & Systems Group plc (the "Company", and together with its subsidiaries, the "HMS Group")
HMS GROUP TO IMPLEMENT TURNKEY PROJECT ON A NEW EAST SIBERIAN OILFIELD
Moscow, Russia - HMS Group (LSE:HMSG), the leading pump manufacturer and provider of flow control solutions and engineering services for oil and gas fields in Russia and the CIS, today announces signing of a contract totalled Rub 1.8 billion (app. $57.2 mn,) after winning the competitive tender process.
Within the framework of the project the Group will render a broad range of engineering services, including project design, procurement, manufacturing of pumps and other oilfield equipment as well as overall project management on Srednebotuobinskoe oil and gas condensate field in the Republic of Sakha with explored reserves of apprx. 122 mn tn.
Artem Molchanov, Managing Director (CEO) of HMS Group, commented:
"I'm pleased to say that being a good example of the large-scale turnkey solution to be executed in a harsh environment this project represents the next stage of HMS group strategy implementation. Last year we completed the acquisition of GTNG, one of the largest project and design facility in Russia. It allowed us to offer principally new level of technologically advanced project design combined with manufacturing and engineering expertise. Looking forward, I believe that ambitious development plans of oil and gas majors on green- and brown field projects create new opportunities for us to deploy platforms of similar complexity".
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The HMS Group is the leading pump manufacturer and provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS. The HMS Group's products are mission-critical elements of projects across a diverse range of industries. It has participated in a number of large-scale infrastructure projects in Russia, including providing pumps and modular equipment to the Vankor oil field and pumping stations on recent trunk pipelines projects linking Russia's core oil producing areas to export ports on the Pacific Ocean and Baltic Sea. The Group reported revenues of RUB 13.9 billion, adjusted EBITDA of RUB 3.1 billion and profit of RUB 2 billion for the six months ended June 30, 2011. The HMS Group's global depositary receipts ("GDRs") are listed under the symbol "HMSG" on the London Stock Exchange.
For further information, please contact:
| Sergey Klinkov Head of IR Tel: +7 (495) 730-66-01, ext. 1302 klinkov@hms.ru | Nozima Karimova Head of Press Service Tel: +7 (495) 730-66-10 karimova@hms.ru |
DISCLAIMER
THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER OF, OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR, GDRs OR OTHER SECURITIES TO ANY PERSON IN ANY JURISDICTION TO WHOM OR IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL AND, IN PARTICULAR, IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE RUSSIAN FEDERATION.
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