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April 02, 2013

Integra Group Announces Agreement to Divest Part of its Rig Fleet

MOSCOW, April 2, 2013 – Integra Group (LSE: INTE) announces that it has entered into an agreement with Seneal International Agency Ltd for the sale of 9 of its 41 land rigs and related assets located in Eastern Siberia. The purchase price is approximately RUB 2.1 bn (US$69 million) which is to be paid in installments until the fourth quarter of 2013 subject to certain conditions precedent.
At the time of sale, 4 of the 9 rigs were idle and not included in the 2013 drilling program. Following the disposal, the average age of Integra’s remaining 32 rigs will decrease from 16 to 11 years.
 
 
Commenting on the transaction, Integra’s CEO Felix Lubashevsky said:
 
“In line with our policy to upgrade the quality and efficiency of our asset base, we are divesting the most mature part of our drilling rig fleet. We remain committed to East Siberia and will continue to explore its business potential. We plan to use the proceeds from the transaction to strengthen the overall financial position of the Company."
 

 

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Contacts
 
Integra Group
 
 
Andrey Machanskis
Head of Investor 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.