History

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Summary of significant events which have shaped EDC's evolution.
  • 1995: Lukoil-Burenie Founded

    • Formation of OAO LUKOIL-Burenie in Kogalym as part of the LUKOIL Group
  • 1996 to 2003: Development of Lukoil-Burenie 

    • Development of OAO LUKOIL-Burenie as a drilling subsidiary of LUKOIL Group, including consolidation of all business under a single management structure
  • 2002: Eurasia Drilling Company (EDC) is Founded

    • Incorporation of Eurasia Drilling Company Limited (EDC) as a Cayman Islands company by a group of Russian and Western investors
  • 2004: EDC acquires Lukoil-Burenie renamed as BKE

    • EDC entered the onshore drilling services market by acquiring 100% interest in LUKOIL-Burenie, subsequently renamed Burovaya Kompaniya “Eurasia” (BKE)
  • 2005: Relocate BKE headquarters to Moscow

    • May
      Relocation of BKE headquarters from Samara to Moscow
    • 2005
      In our first full year of operation EDC drilled 1.7 million metres onshore, capturing a Market Share of 16.8%
  • 2006: EDC enters offshore drilling

    • March
      BKE finalized the process of merging its subsidiary companies into the single network comprising the following 5 branches: West Siberian, Perm, Nizhnevozhsky, Naryan-Mar and Usinsk 
    • December
      EDC entered the offshore drilling services market by acquiring 100% interest in LUKOIL Shelf Ltd. & LUKOIL Overseas Orient Ltd., the operator and owner, respectively, of jack-up rig ASTRA. In May 2007 BKE Shelf Limited (BKE Shelf) became a 100% subsidiary of EDC for offshore drilling services
    • 2006
      Onshore drilling volume 2.6 million meters; Market Share 20.3%
  • 2007: EDC listed on London Stock Exchange (IPO)

    • January
      Commenced operations in Rosneft’s Yugansk field (Western Siberia)
    • June
      TOO BKE Kazakhstan Burenie subsidiary formed, with start-up of onshore operations in July 2007
    • November
      EDC listed on the London Stock Exchange under the symbol EDCL in conjunction with its initial public offering (IPO)
    • December
      Kliver Joint Venture formed with ОАО LUKOIL to fabricate drilling rigs in Kaliningrad
      Expanded workover business by acquiring  28 rigs and associated crews from Schlumberger
    • 2007
      Onshore drilling volume 3.3 million meters; Market Share 22.3%
  • 2008: EDC buys back 12.5 million GDRs

    • August
      First production well drilled by EDC  in Rosneft's Vankor field (Eastern  Siberia)
    • October
      EDC Board of Directors authorizes stock buy-back program; from Oct-08 through Jul-09 EDC repurchased approx. 12.5 million GDRs at an average price of US$ 4.70 per GDR and held them in treasury 
    • 2008
      Onshore drilling volume exceeds 4 million meters, Market Share 26.0%
  • 2009: EDC acquires LUKOIL workover businesses

    • October
      BKE restructured into drilling and technological services divisions; technological services division was separated and named OOO New Technology Services (NTS)
    • November
      Operations begin on LUKOIL’s ice-resistant Caspian Sea offshore platform for their Yuri Korchagin field development
    • December
      Acquired OOO Techgeoservice, adding Directional Drilling & Telemetry services capability to NTS subsidiary
      Further expanded workover; added 163 workover rigs and associated crews by acquiring 100% of two West Siberia businesses from OAO LUKOIL
    • 2009
      Onshore drilling volume 3.75 million meters; Market Share 25.8%
  • 2010: EDC orders new Jackup for Caspian Sea

    • March
      Commissioned the first drilling rig built in-house in Kaliningrad, the 450 metric ton “Yermak”
    • April
      EDC placed back in the market the bulk of its treasury shares in an accelerated book build process at US$ 19.00/GDR; a Special Interim Dividend of approx. US$ 179 million (US$ 1.22/GDR), approximately equal to the gain realized by EDC during the share buy-back program, was paid to shareholders in late-May 2010
    • May
      Commenced drilling operations for Russia's third largest producer, TNK-BP, a new customer for EDC
    • June
      Workover footprint expanded to Komi Republic (Timan-Pechora region) through acquisition of OOO Meridian
    • August
      Further expanded cementing service offering by acquiring OOO MTU, Slavneft’s in-house cementing division
    • November
      Contracted Lamprell to construct a LeTourneau design Super 116E jack-up  rig for EDC’s Caspian Sea operations
    • 2010
      Onshore drilling volume 4.1 million meters; Market Share 23.7%
  • 2011: EDC acquires Jackup from Transocean &                       Asset swap with Schlumberger

    • January
      Acquired LUKOIL’s in-house drilling assets in Kaliningrad, including 4 drilling rigs and associated staff
    • February
      Completed acquisition of Trident 20 jack-up drilling rig (subsequently renamed SATURN) from Transocean 
    • April
      Completed transaction with Schlumberger to swap assets and enter Strategic Alliance in Russia and the CIS
      EDC transferred to Schlumberger its cementing, directional drilling/telemetry and drilling fluids assets with associated crews, while  Schlumberger transferred to EDC all of its rig assets in Russia, including drilling (19 rigs), sidetracking (23 rigs) and workover (34 rigs) with related rig crews
    • June
      Placed RUR 5 billion 7-year ruble bond at 8.4%
    • 2011
      Onshore drilling volume 4.8 million meters; Market Share 25.1%
  • 2012: EDC orders second new Jackup for Caspian

    • May
      Contracted Lamprell to construct a second LeTourneau design Super 116E jack-up  rig for EDC’s Caspian Sea operations (EDC’s fourth jack-up)
    • 2012
      Onshore drilling volume 6.1 million meters; Market Share 29%
  • 2013: New Jackup NEPTUNE starts drilling

    • November
      The NEPTUNE jack-up underwent final commissioning and moved to the drilling site to commence drilling for Dragon Oil in accordance with contract terms.
  • 2014: New Jackup MERCURY commissioned at year end

    • May
      Signed inaugural long term contract with GazpromNeft for drilling and sidetracking services. 
    • December
      The Mercury jack-up build was completed and underwent commissioning. 
  • 2015: EDC delisted from London Stock Exchange

    • November 18
      The Company was taken private and EDCL was delisted from the London Stock Exchange.
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