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Integra brochure
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February 19, 2009

Integra Group completes US$250 million loan deal with EBRD and a syndicate of banks

Integra Group (LSE:INTE), a leading Russian independent provider of onshore oilfield services and manufacturer of oilfield services equipment, announces that it has finalized a US$ 250 million financing deal with the European Bank for Reconstruction and Development (“EBRD”) and a group of commercial banks. Multiple tranches of this loan amortize over three and five years. First drawdown is anticipated to occur on February 25th, 2009.
Pursuant to the amended agreement, EBRD is providing US$75 million of a multiple tranche financing, while US$175 million is being co-financed by commercial lenders, including BNP Paribas, ING, VTB Deutschland, Royal Bank of Scotland, Alfa Bank, Commerzbank, Morgan Stanley and Aljba Alliance pursuant to a recently signed participation agreement. The initial amount of the loan of up to US$ 300 million was reduced due to a decrease in the US dollar value of the project costs because of significant depreciation of the Russian Ruble. The loan is secured by pledges of shares of the main operating subsidiaries and selected fixed assets as well as by a conditional assignment of certain contract receivables.

The proceeds will be used to refinance most of the Group’s short-term debt as well as to fund certain capital expenditures and the agreed Environment Action Plan (EAP), more specifically:

• US$135 million settlement of the bridge loan with ABN AMRO and ING Bank N.V;

• RUB 2 billion (US$57.1 million) settlement of 1st tranche of Russian Ruble bonds;

• US$25.1 million settlement of other short term bank debt;

• US$26.5 million capex financing (including Environment Action Plan); and

• US$6.3 million in fees.
Following the disbursement of the loan and subsequent refinancing of short term liabilities,

Integra Group will have the following debt outstanding (excluding the loan from EBRD):

• RUB 600 million (US$16.7 million) loan from Sberbank maturing in October, 2009;

• RUB 115 million (US$ 3.2 million) loan from Sberbank with final maturity in April, 2011; and

• RUB 3 billion (US$ 83.5 million) 2nd tranche of Russian Ruble bonds, maturing in 2011 with a one-time put option in December, 2009.

Under the current financing plan, the Company does not anticipate any additional significant external borrowings and intends to service and settle existing borrowings from its operating cash flow.
Commenting on the announcement, Dmitry Avdeev, Integra’s CFO, said:

“This landmark transaction refinances significant investments that Integra had made in the past and provides a comprehensive long term capital solution for its continued development. The strong support from existing and new lenders serves as evidence of the strength of our business model in the current challenging market environment.”
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 more than 20 000 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 T

el. +7 495 933 0621


Sergey Beldinsky

Head of Public Relations

Tel. +7 495 933 0621


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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.