Integra Group: Interim 1H 2010 Financial Results and Order Book Update, Integra Group
Release Date: 2010-08-31
MOSCOW, August 31, 2010 – Integra Group (LSE: INTE), a leading FSU-based onshore oilfield services provider, released today its unaudited Interim Consolidated Financial Statements, prepared in accordance with IFRS, for the six months ended June 30, 2010.Results for six months of 2010 demonstrate a year-on-year pickup in revenues driven primarily by improving demand for select oilfield services and the strengthening of the ruble against the US dollar. Adjusted EBITDA margin improved due to materially better efficiency of the drilling and IPM services.
In August 2010, Integra Group completed the sale of its heavy drilling rig manufacturing business (ZAO URBO). The financial results, assets and liabilities of ZAO URBO are recognized as held-for-sale in the financial statement for 1H2010 and corresponding restatement of 1H2009 financial statements was made for comparison purposes.
Antonio Campo, Integra Group’s Chief Executive Officer, comments:
“In 1H 2010 we benefited from a steady recovery in the oilfield services industry and repositioning of our business. Higher volumes of our operations, improved efficiency and stronger ruble were the main factors contributing to improved result year-on-year. Prices for our services are generally flat to slightly higher as areas of overcapacity still exist in some services. In this environment, efficiency is one of our top priorities and we are pleased that our cost control measures allow us to see a continued improvement in margins. We are particularly pleased by profitability trends in our Drilling, Workover and IPM division and the fact that we generated an operating profit for the first time in the past 21 months.
This year we took a number of strategic steps to boost our service and technology portfolio, expand the market presence of our core oilfield services, as well as improve our financial flexibility. These steps included joining forces with Schlumberger in the seismic joint venture, divesting our heavy rig manufacturing business, changing our organizational structure and management to improve efficiency and completing an overhaul of our debt portfolio.
Our outlook for the remainder of the year is moderately positive and we expect the second half of 2010 to be broadly in line with the first half.”
| Type: | NORMAL |
| Company: | Integra Group |
| Country: | Russian Federation |