OREANDA-NEWS. April 8, 2011. Integra Group (LSE:INTE), a leading independent provider of diversified oilfield services, announces the sale to Trudinvest Limited of its cementing and road construction equipment manufacturing business in Kostroma for a total value of USD 24.1 million.

The proceeds from the sale of the 100% stake in LLC  Stromneftemash (SNM) include cash consideration of USD 17.3 million (including repayment of SNM’s intra-group borrowings) and certain non cash financial consideration. The sale proceeds will be used for general corporate purposes of Integra and certain debt repayments.

Antonio Campo, Chief Executive Officer of Integra said:

“Further to the sale of the heavy rig manufacturing business in August 2010 this transaction represents the completion of Integra's exit from heavy equipment manufacturing, in line with our strategy to refocus the business on higher margin oilfield services. The deal should increase the clarity of the value created by our core oilfield services as well as improve our financial flexibility.”