OREANDA-NEWS. January 11, 2012. Integra Group announces the completion of a business combination of its formation evaluation segment with Geotech Holding.

Integra Group (LSE: INTE) (“Integra Group” or the “Company”) announces that Integra Group, Schlumberger Oilfield Holdings Limited (“Schlumberger”), Geotech Oil Services Holding Limited (“GOSH”) and IG Seismic Services Limited (“IGSS”) have today completed the transaction announced on 9 November 2011 to combine IGSS, the entity through which Integra Group and Schlumberger conducted their land and transition zone seismic joint venture in Russia and the CIS, with GOSH's seismic business, conducted through Geotech Holding JSC ("Geotech Holding") (the “Transaction”).

The combination was effected through the transfer by GOSH of 99% of the issued share capital of Geotech Holding to IGSS in exchange for newly issued shares in IGSS. Following completion of the Transaction, Integra Group holds 36%, Schlumberger holds 12%, and GOSH holds 52% of the entire enlarged issued share capital of IGSS.

The Transaction was approved by Integra Group shareholders at the Extraordinary General Meeting held on 5 December 2011 and received required anti-monopoly approvals on 30 December 2011.

Anticipated Benefits of the Transaction

It is expected that IGSS will become one of the largest land seismic companies globally, with a leading position in the Russian and CIS market and access to all the key customers and provinces in the region. The combined seismic business will offer high quality seismic acquisition, data processing and interpretation services. It will benefit from the wider application of transition zone capabilities and access to certain interpretation and land seismic and data processing software (Omega 2 and Petrel, both of which are trademarks of Schlumberger group) from the Schlumberger group as well as the right to use Schlumberger group’s proprietary “UniQ” technology and tailored training. Access to the defined Schlumberger group proprietary technologies and training is expected to add significant value to the services being delivered to clients.