StockMarketWire.com - Pump manufacturer HMS Group has signed a contract worth RUB1.8bn to implement a turnkey project on a new east Siberian oil field after winning a competitive tender.

HMS will provide a broad range of engineering services, including project design, procurement, manufacturing of pumps and other oil field equipment as well as overall project management on Srednebotuobinskoe oil and gas condensate field in the Republic of Sakha.

Managing director Artem Molchanov said: "Iím 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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