(Source: http://tech-remont.ru)

“Rosneft”, the Italian Finmeccanica SpA company and “The Helicopters of Russia” signed an agreement on the reorganization of the Helivert joint venture. The document provides for the entry of the oil company into the authorized capital of the AgustaWestland joint venture (a part of the Finmeccanica) and “The Helicopters of Russia”.

“Rosneft” will receive a third of the helicopter construction plant which is owned by the Italian and Russian companies in a ratio of 50 to 50. As a result, the share of AgustaWestland will drop from 50 to 40 percent, and “Rosneft” and “The Helicopters of Russia” (a part of “Rostekh”) will receive 30 percent each.

Once “Rosneft” enters the capital of the joint venture, the Russian company will place an anchor order for the supply of 150 helicopters for the production capacities of the enterprise, which will facilitate the process of managing the enterprise. “A key element of the implementation of the conditions of the agreement signed is the mandatory level of localization of production of AW189 model helicopters in Russia, which should be no less than 50 percent” - the report noted.

The company notes that the implementation of the conditions of the documents signed will create an incentive for the development of helicopters production in Russia and will allow “Rosneft” to gain new competencies that are necessary for offshore projects development.

“The participation in the Helivert joint venture will allow the company to reach a new level in providing uninterrupted helicopter service to our production projects, many of which are located in difficult-to-access remote areas of the country” – the chairman of the managing board of “Rosneft” Igor Sechin said, his words are quoted in the statement. In addition, “Rosneft” and AgustaWestland signed an agreement for the supply of 10 units of AW189 helicopters for the Russian company until 2017. The start of supplies is scheduled for the current year.