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PNG Drilling Company has signed the Contract with Italian company WEI s.r.l. for delivery of two new mobile drilling rigs to Russia in the years 2019-2020.

01.07.2019

In accordance with its strategic development program  PNG Drilling Company has signed the Contract with the Italian company WEI s.r.l. for delivery to Russia in years 2019 – 2020  of two new mobile drilling rigs with hook-load capacity of 250 mt each and with optional skidding system for cluster wells drilling  alongside trail rails. Both drilling rigs have 500 bar (7 500 psi) working pressure and are unique ones in the Russian Federation.

In connection with the purchase of two new MDRs the total capital investments are estimated by PNG Drilling Company as app. 25 million Eur, including all backyard equipment and drilling crew facilities.

PNG Drilling Co Chief Operating Officer Mr. Marco Romagnoli expressed his satisfaction with the results of the negotiations and new Contract signed with WEI s.r.l.

He has emphasized that 40% of the estimated total € 25 million capital investments regarding  this Contract will be spent for the purchase of main equipment from the Italian manufacturer and   other 60%  -  for the purchase of additional equipment in the Russian Federation.

In this way the degree of localization in Russia of PNG Drilling Co fixed assets production is steadily growing, more and more priority is given to the Russian producers.

In view of the signed Contract PNG Drilling Company expresses gratitude to the Company's shareholders and investors for the financial support of its ambitious development plans. Actually, PNG Drilling Company is the only Russian oilfield services provider who does not have debts with the banks, what is the key point for its financial stability and sustainability.

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