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Integra brochure
(pdf - 1.6 mb)


March 06, 2012

Integra Group Announces Management Restructuring

 Integra Group (LSE:INTE) announces that, following the successful reorganization of its diversified oilfield services business, Mr. Antonio Campo will step down and be replaced as Chief Executive Officer by Mr. Felix Lubashevsky.

During nearly three years of service as CEO Mr. Campo led the restructuring of Integra's business units, introduced new capability and experience to the executive management team, and improved processes and systems. He will pursue other interests outside of Integra while remaining a non-executive Director on Integra's Board in order to support the delivery of ongoing strategic initiatives.
Mr. Campo leaves the position of CEO having accomplished the key objectives established by Integra's Board at the time of his hiring. In particular, the separation of Integra's seismic business from its ongoing oilfield services has brought enhanced focus and opportunities for increased operational efficiency.

Mr. Lubashevsky will take over the leadership of Integra's executive management team, effective immediately. He will combine the organizational capability built by Mr. Campo with a renewed focus on developing customer relationships, top-line revenue growth, margin expansion and aggressive management of working capital.

Mr. Robert Whalley, who joined Integra in mid-2011 from Schlumberger, will be promoted to Chief Operating Officer and will continue to focus on day-to-day operational excellence within Integra's Drilling/Workover/IPM and Technology Services divisions. Mr. Whalley brings over 30 years of operational leadership experience, of which the last 7 have been in Russia.
Changes announced today at Integra will not affect the management of IGSS, Integra’s seismic services joint venture.
Commenting on changes to the executive team, John Fitzgibbons, Chairman of the Board of Directors of Integra Group, said:
“We are grateful to Antonio Campo for the irreplaceable experience that he has brought to Integra since 2009. He now leaves a strong operational management team and a streamlined asset portfolio that is well-positioned to expand in the Russian market.  To lead Integra through its next chapter of growth, we need strong and visible Russian leadership and are extremely fortunate to be able to turn once again to Felix Lubashevsky, who requires no transition.  Combined with Rob Whalley and the rest of Integra's executive management team, we are confident that we have exactly the right combination of skills and experience for this next stage of Integra's development.  The Integra Board has worked in close agreement with Antonio and Felix to manage this change, and unanimously supports our new executive team.  We look forward to seeing the future operating and financial results produced by this exciting executive combination."
At the first available opportunity, Integra's new management team will communicate directly with shareholders to provide an update on performance through 2012 and beyond.
 
Integra Group is a diversified oilfield services provider 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. Since establishment in 2004, Integra Group has, through 18 strategic acquisitions, become one of the leading companies in the oilfield services and equipment manufacturing sectors of the Russian and CIS market. Integra Group owns a 36% stake in IGSS – a land seismic operator, with a leading position in the Russian and CIS markets. Integra Group employs about 8,500 people. Since February 27, 2007 Integra Group has been traded on the London Stock Exchange (symbol: INTE).


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