Integra brochure
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October 15, 2008

Integra Group pays down US$40 million of short term debt

Moscow, October 15, 2008. Integra Group (LSE:INTE), a leading Russian independent provider of onshore oilfield services and manufacturer of oilfield services equipment, announces that it had paid down US$ 40 million of its short term debt with Amsterdam Trade Bank (“ATB”).

Integra Group and ATB have also signed an agreement to extend the maturity of the remaining US$40 million of the original US$ 80 million loan facility for two months. ATB and Integra Group continue negotiations on further extension of this loan facility which will be subject to debt market conditions. Cash resources have been reserved by Integra should these negotiations produce no acceptable outcome.
Following the repayment of the ATB loan, Integra Group’s consolidated cash balance is estimated at US$110 million as of October 15, 2008. With US$111 million of short term debt maturing before December 31, 2008 (including the remainder of ATB facility), management of Integra does not expect any liquidity difficulties during this period as cash generation remains solid in the third and fourth quarters driven by seasonal factors.

Integra Group is currently in advanced negotiations regarding its refinancing options for its debt maturing in 2009.

Notes to editors

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).



Integra Group 

Andrei Machanskis

Head of Investor Relations

Tel. +7 495 933 0621

Alla Sapun

Press Secretary

Tel. +7 495 933 0621

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.