News and Press Releases

24 November 2010

OJSC VTB Leasing Signs Operating Leasing Contracts with OOO “Nova Energeticheskie Uslugi” for Leasing of Heavy Drilling Rigs and an Agreement on Arrangement of Financing for Modernization Program

OJSC VTB Leasing and OOO “Nova Energeticheskie Uslugi” (OOO “NEU”) have signed three contracts for operating leasing of heavy drilling rigs and an agreement to arrange financing for modernization program of OOO “NEU” in Moscow.

On behalf of VTB Leasing the contracts were signed by Mr. Andrey Konoplev, General Director. On behalf of OOO “NEU” the signatory was Mr. Sergey Soloviev, General Director of management company ZAO “Investgeoservis”

Within the credit risk limit set by the Credit committee of OJSC VTB Leasing for financial leasing transactions, OOO “NEU” has an opportunity to modernize its fixed assets, including acquisition of specialty equipment and machinery for drilling services for the amount of up to 500,000,000 (five hundred million) Russian rubles. Modernization program for OOO “NEU” includes specialty equipment manufactured in Russia and foreign-made equipment, including drilling equipment, drilling rigs and specialized machinery, tractors and trucks, mobile and stationary facilities and power generators. The drilling rigs will be used by OOO “NEU” at the oil and gas fields of Yamal-Nenets Autonomous District (YNAO).

Mr. Andrey Konoplev, General Director of VTB Leasing said: “Modernization of oil and gas industry assets is one of the priority areas for development of Russian economy. This modernization, among other things, is included in the gas industry strategy of the Russian Federation for the period until 2030. VTB Leasing states its readiness to participate in projects and programs for modernization of production-related fixed assets for state-owned and private companies in the fuel and energy sector.”

Mr. Sergey Soloviev, General Director of ZAO “Investgeoservis” stated: “Today we see real prospects of growth and development of the drilling services market in the YNAO. This is caused by more complicated geological conditions for both exploration and production – and also by rapidly increasing level of our customers’ requirements regarding use of modern technologies and equipment. We have made a strategic internal decision to pursue modernization of our assets and innovations in drilling. This was reflected in OOO “NEU” investment program. We hope that the contract signed with OJSC VTB Leasing and our agreements will be the start of long-term cooperation of our companies.”

In 2010 VTB Leasing signed a number of contracts for operating leasing of heavy stationary drilling rigs. Until the end of 2010 the company plans to transfer into operating leasing over 20 heavy units and also several lighter drilling rigs, including domestically manufactured ones.

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