News
ERIELL Group completes restructuring to enhance operational efficiency and global focus
ERIELL Group completes restructuring to enhance operational efficiency and global focus
Eriell Group, a leading international oilfield services group, has announced a comprehensive restructuring to optimise its operational efficiency and to support future international expansion.
Key highlights:
- Jurisdictional relocation;
- Operational asset consolidation;
- Strategic realignment;
- Non-operational asset consolidation;
- Russian asset divestment
Bakhtiyor Fazilov, Eriell’s founder and sole owner, expressed confidence in the restructuring, saying: “This strategic realignment will fortify our resilience and position us for exciting new international opportunities. By divesting non-core assets and realigning our strategic focus, we are primed for sustainable growth and to maximise long-term value creation. Moreover, our move to Hong Kong’s well established business environment represents a better fit for future suppliers, partners and customers in Asia.”
Jurisdictional Relocation: Eriell Group’s corporate registration has been relocated to Hong Kong, which supports the company’s commitment to robust regulatory standards and delivers the potential for accelerated expansion in Asia.
Operational Asset Consolidation: Operational assets are being consolidated under a new group entity, Stellar Holding Limited. This will include the existing assets of Eriell Oilfield Services Middle East DMCC, Eriell Well Solutions LLC, Galaxy Drilling Solutions FZE, Grand Oil and Gas LLC, and Eriell Services LLC. Mr Fazilov remains the sole owner, with assets grouped within ensuring a clear and streamlined ownership and operational structure.
Strategic Realignment: This restructuring positions Eriell Group at the forefront of the energy services sector and will ensure the highest standards of compliance.
Non-Operational Asset Consolidation: All non-operational assets have been grouped under a new holding group, Magelan Limited, that will be overseen by Hussein Rashidi and ultimately wound up.
Russian Asset Divestment: Following Russian presidential approval in July 2023, the company has divested all Russian assets, including ENGS and Eriell Management, to align with Eriell’s core growth strategy.
Key highlights:
- Jurisdictional relocation;
- Operational asset consolidation;
- Strategic realignment;
- Non-operational asset consolidation;
- Russian asset divestment
Bakhtiyor Fazilov, Eriell’s founder and sole owner, expressed confidence in the restructuring, saying: “This strategic realignment will fortify our resilience and position us for exciting new international opportunities. By divesting non-core assets and realigning our strategic focus, we are primed for sustainable growth and to maximise long-term value creation. Moreover, our move to Hong Kong’s well established business environment represents a better fit for future suppliers, partners and customers in Asia.”
Jurisdictional Relocation: Eriell Group’s corporate registration has been relocated to Hong Kong, which supports the company’s commitment to robust regulatory standards and delivers the potential for accelerated expansion in Asia.
Operational Asset Consolidation: Operational assets are being consolidated under a new group entity, Stellar Holding Limited. This will include the existing assets of Eriell Oilfield Services Middle East DMCC, Eriell Well Solutions LLC, Galaxy Drilling Solutions FZE, Grand Oil and Gas LLC, and Eriell Services LLC. Mr Fazilov remains the sole owner, with assets grouped within ensuring a clear and streamlined ownership and operational structure.
Strategic Realignment: This restructuring positions Eriell Group at the forefront of the energy services sector and will ensure the highest standards of compliance.
Non-Operational Asset Consolidation: All non-operational assets have been grouped under a new holding group, Magelan Limited, that will be overseen by Hussein Rashidi and ultimately wound up.
Russian Asset Divestment: Following Russian presidential approval in July 2023, the company has divested all Russian assets, including ENGS and Eriell Management, to align with Eriell’s core growth strategy.
