Actuality March 21, 2008

Integra Group and the American company Smith International Inc. announced about 50/50 joint venture establishment. As reported to "URA.Ru" in Integra press-service, the joint venture establishment is subject to comprehensive due intelligence and necessary approvals, and its closing is set for the 3Q 2008.

The joint venture is established to provide the wide range of oil related services using the latest technologies and technical solutions on the territory of Russia and countries of the Commonwealth of the Independent Countries (CIS). The enterprise will offer drilling and well development using downhole tools and technical capabilities provided by Smith Services and supported by the relevant infrastructure, technical and engineering experience and personnel of Integra Group. Integra Group president Felix Lubashevsky commented on the joint venture establishment: "Due to Smith Eurasia Company, part of Integra Group, we have a 15-years cooperation opportunity with Smith International Company. This company is one of the world leaders at the oil related services market, and that is a very valuable experience for us. We are glad that this collaboration passes to the new level now, and favorable opportunities are being created for both partners. We are convinced that with the leading technologies implementation of Smith International Company coupled with Integra Group activity program for Russia and CIS will be created the competitive joint venture which will significantly increase its presence at the markets of these countries".

Bryan Dudman, president of the Smith Services business unit of Smith International Inc. declared: "Partnership with Integra Group will help us to set firmly on the markets of Russia and CIS, where Smith Company currently receives around 7% profits of the oil related services segment. We see the oil producing companies are investing significant means into this region and suppose this joint venture will help us bring the profit to our customers and stockholders. We are excited and enthusiastic about the future".

Smith International Inc. Company is a leading supplier of premium products and services for oil and gas industry extraction and development. The company permanently numbers around 20 000 employees in four main business units: M-I SWACO, Smith Technologies, Smith Services and Wilson.

Integra Group is the independent diversified oil related services company. The company was founded in 2004. Integra Group has purchased and consolidated around 16 strategic assets. They list oil related services companies and enterprises for equipment production for the oil and gas sector in Russia and CIS (Tyumen region, Khanty-Mansijsk Autonomous District, Yamalo-Nenets Autonomous District and other regions).