OREANDA-NEWS. November 19, 2012. Integra Group (LSE:INTE) announces the appointment of Ernst & Young, LLC (“E&Y”) as its Independent Auditor, replacing PricewaterhouseCoopers Audit, ZAO (“PWC”).

Integra Group’s Board of Directors authorized the Audit Committee to review the provision of audit services. The Audit Committee of Integra Group conducted a competitive review and concluded that a transition to E&Y will result in a material reduction in audit expenses. Based on the Audit Committee’s recommendation, the Board appointed E&Y as auditors of the Company and its subsidiaries, commencing with the audit of the annual consolidated financial statements for the year ended 31 December 2012.

The Board of Directors notes that the decision to change auditors was not the result of any disagreement between Integra Group and PWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

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 owns a 36% stake in IGSS – a land seismic operator, with a leading position in the Russian and CIS markets. Integra Group employs nearly 10,000 people. Since February 27, 2007 Integra Group has been traded on the London Stock Exchange (symbol: INTE).