OREANDA-NEWS. April 22, 2011. Integra Group (LSE: INTE), a leading independent provider of diversified oilfield services, released today its Audited Consolidated Financial Statements, prepared in accordance with IFRS, for the year ended December 31, 2010.

In 2010 a change in the spending patterns of our key customers resulted in a moderate recovery in the volumes of our operations while cost-reduction measures undertaken and improved efficiency in several segments in 2009 and 2010 allowed the Group to significantly increase its Adjusted EBITDA, Adjusted EBITDA margin and to return to a positive operating profit.

In August 2010 the Group divested the heavy drilling rig manufacturing business and in December 2010 the Group decided to dispose of its cementing and road construction equipment manufacturing business which was consequently sold in April 2011. The financial results of the divested businesses were classified as results from discontinued operations and are excluded from 2010 financial highlights and segment reporting. The corresponding restatement of 2009 financial statements was made for comparison purposes.

2010 Financial Highlights

Sales increased by 13.5% to USD  793.7 million (vs. USD  699.5 million in 2009)

Adjusted EBITDA increased by 41.1% to USD  131.9 million (vs. USD  93.5 million in 2009)

• Adjusted EBITDA margin increased to 16.6% (vs. 13.4% in 2009)

Operating profit for the period amounted to USD  8.5 million (vs. operating loss of USD  54.1 million in 2009)

Net loss for the period from continuing operations decreased by 62.0% to USD  35.9 million (vs. net loss of USD  94.4 million in 2009)

Net cash generated from operating activities decreased by 55.0% to USD  52.9 million (vs. USD  117.5 million in 2009)

Capital expenditures were USD  52.6 million (vs. USD  43.5 million in 2009)

Net debt as of December 31, 2010 was USD  111.7 million (vs. USD  175.4 million as of December 31, 2009)

2010 Operating Highlights

287,900 meters drilled (vs. 176,500 meters during 2009)

3,352 workover operations conducted (vs. 3,763 workover operations during 2009)

624,695 seismic shot points made (vs. 694,487 seismic shot points during 2009)

1,103 cementing operations conducted (vs. 790 cementing operations during 2009) 238 coil tubing operations conducted (vs. 345 coil tubing operations during 2009)

256 wells completed with directional drilling service (vs. 167 wells during 2009)

366 downhole motors and 73 turbodrills produced (vs. 432 downhole motors and 47 turbodrills produced during 2009)

2011 Order book update

USD  791.8 million (RR 23.8 billion) in tenders won and contracts signed for execution in 2011, excluding the order book of divested businesses, calculated on April 18, 2011

• of which USD  635.3 million (RR 19.1 billion) is in signed contracts for 2011

2011 total order book (contracts signed and tenders won) is 15.7% higher in Ruble terms compared to 2010 order book calculated on April 19, 2010 (adjusted for historic order book of divested businesses)

91% of 2011 order book is denominated in Rubles

Antonio Campo, Integra Group's Chief Executive Officer, commented:

"For Integra, 2010 was a year of positive transformation and repositioning. In line with our strategy, we successfully divested our rig manufacturing business, which allowed us to refocus resources on core oilfield services. We strengthened the management team with globally-experienced oilfield services professionals, and overhauled key systems and processes with noticeable improvement in operating efficiency. We made a strategic partnership in the seismic business, taking Integra to a new technological level and broadening our service offer.

These achievements, combined with increased demand for our services, have resulted in a material improvement in both revenue and margins, allowing us to return to positive operating profit. Furthermore in 2010 significant cash inflows from divestments were partially returned to shareholders in the form of a share buyback, used to further reduce debt, and earmarked for future acquisitions.

The outlook for 2011 is positive as we expect further pickup in demand for our services, together with marginally-improved pricing as spare capacity in the industry becomes scarcer. The value of our order book as of April 2011 confirms this view, already matching full year revenue for 2010."