8th February 2013
Sunday, May 19th, 2013
PGNiG's Exalo Drilling to increase its foreign expansion
Exalo Drilling, a subsidiary of Poland's largest natural gas company, PGNiG, and formerly known as PGNiG Poszukiwania, wants to increase the share of activities abroad in its revenue to 50 percent. The company is already present in Ukraine, Russia, Kazakhstan, Pakistan, India, Uganda, Egypt and Mozambique. The company is preparing to hold its IPO in mid-2013, it plans to sell the minority stake and keep the controlling interest.
Exalo wants to spend the funds from the IPO on improving its machine park. The company currently owns 54 heavy-duty machinery and employes 3,800 people. In 2011 it posted a zł.1.2 billion in revenue.
From Warsaw Business Journal
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