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Integra brochure
(pdf - 1.6 mb)


January 01, 1970

TNK-BP and Integra Group sign long term cooperation agreements


Moscow, October 2, 2008. Integra Group (LSE:INTE), a leading Russian independent provider of onshore oilfield services, announced that it has signed several long term cooperation agreements with TNK-BP. The agreements cover development and sidetrack drilling projects to be executed in the Khanty-Mansiisk Autonomous District and at the Verkhnechonskoe oilfield in Irkutsk region. The contracts were signed by Integra Group’s subsidiary Integra-Bureniye.

The duration of the agreements is from 2008 to 2010 and throughout this period Integra-Bureniye undertakes to drill 129 development wells and conduct 63 sidetrack operations. In total 490,000 meters will be drilled throughout the life of the contracts.

Felix Lubashevsky, Chief Executive Officer of Integra Group, said:

“We see an increasing stream of long-term contracts emerging in the Russian oilfield services market. Such contracts bring stability and predictability to our relationship with customers and allow us to better plan our operations, development investment and financing. These particular contracts, which amount to over US$150 million, will provide a stable utilization of several drilling crews for the next three years. For our customer, such agreements secure access to drilling capacity and crews in an environment where there is a growing deficit of spare OFS equipment and personnel.”

Notes to editors

About TNK-BP:

TNK-BP is a vertically integrated oil company with a diversified upstream and downstream portfolio in Russia and Ukraine. The company’s upstream operations are located primarily in West Siberia (Khanty-Mansiysk and Yamalo-Nenets Autonomous Districts, Tyumen Region), East Siberia (Irkutsk Region), and Volga-Urals (Orenburg Region). Key downstream plants are located in Ryazan, Saratov, Nizhnevartovsk and Lisichansk (Ukraine).

TNK-BP is headquartered in Moscow and is governed by a multinational management team with experience of working in over 50 different countries. TNK-BP employs approximately 65,000 people.

About Integra Group:

Integra Group is a leading Russian independent provider of onshore oilfield services and is also a leading manufacturer in the Russian Federation of drilling rigs with heavy lifting capacity, cementing equipment and certain specialized equipment used in the exploration, development and production of oil and gas.

Integra Group operates in the drilling, workover, seismic and geophysics sectors and manufactures oilfield services equipment.  Integra has oilfield services operations in all major oil and gas producing regions in Russia and in many other CIS countries. The company’s customer base includes major Russian and international oil and gas companies operating in Russia and CIS.

Established in March 2004, Integra Group has, through 17 strategic acquisitions, become one of the leading companies in the oilfield services and equipment manufacturing sectors of the Russian market and employs around 23 000 people.

Since February 27, 2007 Integra Group has been traded on the London Stock Exchange (symbol: INTE).

***

Contacts

 

Integra Group 

Andrei Machanskis Head of Investor Relations Tel. +7 495 933 0621

amachanskis@integra.ru

Alla Sapun

Press Secretary

Tel. +7 495 933 0621

asapun@integra.ru

Financial Dynamics 

Jonathon Brill,

Edward Westropp London Tel. +44 20 7269 7170

Galina Lyssenko

Moscow Tel. +7 495 795 0623

 

Forward looking statements: Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Integra Group. You can identify forward-looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might,” or the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Integra Group does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Integra Group’s projections or forward-looking statements, including, among others, general economic and market conditions, Integra Group’s competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to Integra Group and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Integra Group, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Integra Group.

This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”).  Any person who is not a relevant person should not act or rely on this document or any of its contents.

Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia.