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Advance Capital is pleased to announce the sale of 100% of the Russian oilfield services business of the U.S.-based company Key Energy Services (NYSE: KEG) — Geostream. The buyer was a consortium of Russian investors.

Geostream provides drilling oilfield services in Russia. The company’s clients include major Russian oil companies, such as NNK, Lukoil, Zarubezhneft, Neftisa, and others. The sale of the Russian business formed part of Key Energy Services’ strategy to refocus on the U.S. market and exit other regions.

Karen Dashyan, Partner and Managing Director at Advance Capital:

“The deal highlights the strength of Advance Capital’s international platform in working not only with Russian, but also with leading international strategic investors, despite unfavorable market conditions. The asset was sold during a challenging period for the Russian oilfield services market, driven by declining oil prices, rouble devaluation, and international sanctions. Nevertheless, we were able to run a competitive process and secure attractive terms for the seller, which highly valued our contribution to the successful execution of the deal.”

Advance Capital acted as the exclusive financial advisor to Key Energy Services.

The deal value is not disclosed.