In many Russian folk tales, a man is raised from the dead after he is doused in waters that heal his wounds and bring him back to life. For the lifeblood of the Russian economy — oil and gas — it will be just as important to find a way to invigorate the service and equipment sector. In fact, innovation could prove to be the miracle water.

"We chose to be a private company instead of doing an IPO at a significant discount to our fair value," Moiseyev said in an interview in Moscow today, declining to value the company.