Integra Group Acquires First National Drilling Company

Integra Group, one of Russia's premier oilfield service companies, announces a US $23 million acquisition of First National Drilling Company (PNBK), a leading independent Russian well developer. Industry experts recognize PNBK for having strong sector experience, modern technical equipment and leading standards of service. 51% of PNBK's shares were held by JSC "RITEK," an oil extraction company specializing in innovative technologies and equipment, and 49% by WESTEM, an American drilling equipment exporter.

Integra's ongoing strategy is to continue consolidating and investing in the group's growing portfolio of Russian oilfield service companies.

Felix Lyubashevskiy, CEO of Integra, said, "We believe that the integration of PNBK will contribute significantly to Integra's development as a dynamic Russian oilfield service company. Integra's goal is to increase group turnover to USD $1-2 billion over the next 2-3 years. This will be achieved through focused acquisitions, the development of quality products and services, alongside ongoing investment in innovative technologies."

Professor V. Graifer, General Director of JCS "RITEK," said, "This acquisition allows PNBK to continue its ongoing corporate development and optimization within Integra, Russia's leading oilfield service provider. PNBK expects an increase in volume and orders for the year ahead, and I look forward to ensuring this combination continues to deliver the highest standards for our clients."
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