SPT Energy (01251) said the shareholders of its joint venture company Xinjiang HDTD Oilfield Services Co., Ltd. passed the resolution regarding the dissolution of the JV and the application for the dissolution of the JV will be submitted to the original examination authority.
The JV is a fracture stimulation services company in Xinjiang Uygur Autonomous Region of China. Given the sluggish global crude oil price, upstream customers have substantially reduced their expenditure on exploration and development. In particular, the high-end gas well fracturing service workload has shown a decreasing trend. Both the shareholders of the JV consider it prudent to dissolve the JV to keep the operating costs of the enterprise under control and optimise asset structure. Since both the shareholders of the JV intend to repurchase the major assets and equipment of the JV at their net assets value, it is expected that no substantial loss arising from the dissolution of the JV will be recorded by SPT Energy.
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