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Integra Group to divest part of its rig fleet

Integra Group

Moscow-based Integra Group (LSE: INTE) has entered into an agreement with Seneal International Agency Ltd. for the sale of nine of its 41 land rigs and related assets located in Eastern Siberia. The purchase price is approximately US$69 million which is to be paid in installments until the fourth quarter of 2013 subject to certain conditions.

At the time of sale, four of the nine 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."

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 employs nearly 10,000 people.

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