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Integra Announces Agreement to Divest Part of its Rig Fleet

Source: www.gulfoilandgas.com 4/2/2013, Location: Asia

Integra Group 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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