News 2013
#2 (80) april 2013Caspian Services
American Caspian Services, belonging to the Kazakh billionaire Bakhytbek Baiseitov, has commenced its activities in the Russian sector of the Caspian Sea, informs Interfax. For these purposes, the company has formed a 100 % subsidiary, Caspian Services LLC.
Caspian Services specializes in servicing offshore oil and gas transportation in the Kazakhstan part of the Caspian Sea. In its report the company indicates that its business in many respects depends on the level of exploration and development of the fields in the Kazakhstan sector of the Caspian Sea and in particular, at the Кashagan oil field. However, “the start of Phase 2 of Kashagan will be probably postponed for 2018 or 2019”. This will cause the fall in demand for Group’s services and will negatively reflect on its financial figures.
Under the 2012 results, the net loss of the head company of Caspian Services Inc. has grown by 21 % compared with 2011, and reached $17.2 million. The Group’s incomes from rendering services of specialized fleet have been reduced by 44 % – up to $21.4 million (the Group’s total proceeds comprised $30 million). Meantime, the fall could be more essential if the company has not transferred part of fleet to the Turkmen sector of the Caspian Sea. About fifth part of incomes from the use of vessels the company has received from the freights in Turkmenistan.
Caspian Services Inc. was registered in the USA in 1998. Since February 2002, the company’s business has concentrated in Kazakhstan. The Group works in three main directions: services of specialized fleet (owns 10 vessels), geophysical services and servicing of sea vessels at the Group’s base. The Kazakh billionaire Bakhytbek Baiseitov possesses 67 % of the company’s ordinary shares, Firebird Management LLC – 13.2 % and UFG Russia Alternative Master Account Ltd – 6.3 %.