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October 21, 2010

Integra and Schlumberger Finalize Land Seismic Joint Venture

Moscow, October 21, 2010. Integra Group (LSE: INTE), a leading FSU-based oilfield services provider, announced that it finalized its exclusive seismic joint venture with WesternGeco, the seismic business segment of Schlumberger. The companies announced plans in July, 2010 to create a joint venture to provide seismic acquisition services as well as interpretation and data processing in Russia, Kazakhstan, Uzbekistan, and Turkmenistan and their respective transition zone waters. The JV has already been working successfully on joint projects in Russia and Kazakhstan and has secured work for this winter.

The name of the joint venture holding company is IG Seismic Services Limited. Integra owns 75% of the new company and will continue to provide day-to-day management of the company, while WesternGeco owns 25%. In addition to nearly 40 land and transition zone seismic crews and combined data processing capability the business now benefits from proprietary Q technology and Omega data processing software. Integra Group has received a cash payment of US$48 million from WesternGeco as part of transaction agreement in addition to contributed crews and technology.

Antonio Campo, Integra’s Chief Executive Officer, commented at the announcement of the joint venture:
“We are very excited about expanding our capabilities by joining forces with WesternGeco. The agreement will boost the service range and expand the market presence of our core seismic segment. With the introduction of WesternGeco personnel and technology, the new venture will ensure efficient development of our joint seismic operations while the combination of our processing centers in Russia and Kazakhstan will substantially increase our data processing capabilities. We believe this move is in line with our strategy to increase our presence in businesses with higher added value and further improve our technology.”


About Integra

Integra Group is a leading FSU-based independent provider of onshore oilfield services and is also a manufacturer of specialized equipment used in the exploration, development and production of oil and gas. Integra operates in all major oil and gas producing regions in Russia and in many other CIS countries, where its customer base includes major domestic and international oil and gas companies.
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 15 000 people.
Since February 27, 2007 Integra Group has been traded on the London Stock Exchange (symbol: INTE). 

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Contacts

Integra Group  
Andrey Machanskis 
Head of Investor Relations
 Tel. +7 495 933 0621
amachanskis@integra.ru

Sergey Beldinsky 
Head of Public Relations 
Tel. +7 495 933 0621
sbeldinsky@integra.ru

 

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.