Key Energy Services, Inc. has sold its Russian oil service business, Geostream, to a consortium of local investors as part of its strategy to focus on the U.S. market amidst challenging conditions in the Russian oil sector.
Target Information
Key Energy Services, Inc. (NYSE: KEG) has successfully concluded a transaction involving the sale of its oil service business in Russia, specifically the company Geostream. Geostream specializes in providing drilling services across the Russian market and serves prominent domestic oil companies, including largest firms such as NNK, Lukoil, Zarubezhneft, and Neftisa.
This sale aligns with Key Energy Services' strategic focus on prioritizing the U.S. market and divesting from operations in other regions. The buyer of the Russian business is a consortium of Russian investors, signaling a notable shift in the ownership of the company’s operational assets.
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Industry Overview
The oil service industry in Russia has faced significant challenges due to a combination of factors, including declining oil prices, the depreciation of the ruble, and international sanct
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Consortium of Russian Investors
invested in
Geostream
in 2017
in a Other deal