Integra boosts sales revenues 11.4% in Jan-Sept
MOSCOW. Dec 8 (Interfax) - The company group Integra, a leading independent oilfield services provider, increased its sales revenues 11.4% year-on-year to $472.1 million in January-September, a company statement says.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 1.2% at $67.4 million and the EBITDA margin was 14.3% for the period, the company reported. Net debt as of December 1 stood at $205.3 million, well up from $111.7 million on December 31 last year.
"As of December 1, 2011 the Group had approximately US$ 220.4 million of gross debt (up from $ 166.5 million of gross debt as of December 31, 2010) which was primarily due to completion of GDR buyback program ($ 19.1 million), ruble appreciation against the US dollar and cash outflows to payment for the acquisition of SIAM ($ 68 million)," Integra said.
Cash flow from operations plunged 80% to $7.6 million from $37.1 million in January-September last year. Capital expenditures were up 60% at $61 million.
"Following the announcement on November 9, 2011 of a combination of the seismic businesses of Integra and Geotech, and subsequent approval by Integra Group shareholders on December 5, 2011, financial results of Integra's Formation Evaluation segment are classified as results from discontinued operations and excluded from 9M 2011 financial highlights, segment reporting and order book status. A corresponding restatement of historical results is made for comparison purposes," Integra said.
The company drilled 195,938 meters (down 25%), there were 2,783 "workover operations" carried out (up 11.2%), and it performed 240 coiled tubing operations.
"As of December 5, 2011, the total order book, which includes the value of business to be delivered in 2011 contracted and won in tenders, was $ 620.9 million (18.6 billion rubles). Of this amount, estimated value of signed contracts was $ 606.5 million (18.2 billion rubles). 2011 total order book (contracts signed and tenders won) is 8.4% higher in ruble terms compared to 2010 order book calculated on December 6, 2010 (adjusted for historic order book of business classified as discontinued operations)," Integra said.