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Integra Group Enters Into Multi-year Service Contract With JSC Yamal LNG

4/22/2013 6:51 AM ET

Integra Group (INTE.L) announced that it has signed a multi-year service contract with JSC Yamal LNG. The agreement covers development drilling services to be provided at the South-Tambeyskoye field on the Yamal peninsula on a day-rate basis. The contract has a duration from 2013 to 2018.

Integra's CEO Felix Lubashevsky said, "Long term contracts bring stability and predictability to our relationship with our customers and allow us to better plan our operations, investment and financing. This particular contract will provide for the stable utilization of our drilling crews for the next five years and will fully recover our planned investment of approximately US$30 million into brand new drilling equipment earmarked for this project. For our customer, such agreement secures access to drilling capacity in an environment of re-emerging deficit of spare OFS equipment and personnel."

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by RTT Staff Writer

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