Naftagaz-Drilling announces the first IFRS application

Naftagaz-Drilling, drilling division of the Russian oilfield services company NaftaGaz, issued its consolidated financial statement for year 2017 based on International Financial Reporting Standards (IFRS). This is the first IFRS application in the company. The statement has received an unqualified opinion from a company of international audit chain PKF International in Russia (MEF-Audit).

Islam Nazaraliev, CEO of NaftaGaz, noted:

“This an important and serious landmark on the path towards significant improvement of transparency of financial and business activities for capital providers and other stakeholders. A reliable overview of development and business activity results, as well as condition of the enterprise confirmed by a recognized international agency is a significant contribution to the development of relations with banks, leasing companies and other partners.

Our drilling unit annually demonstrates impressive development performance. In 2017 it ranked among top 5 independent Russian drilling contractors in terms of drilling meterage. Now operating success can be compared with financial indicators. The audited results prove the validity of development strategy chosen. The company is flexible in responding to external challenges and changes increasing its efficiency and productivity.”