Path to leadership

Email Page

EDC was formed in 2004 when the current CEO and business partners bought the drilling and drilling services divisions of OAO LUKOIL, one of Russia's largest energy companies.  Management initially focused on reorganising the business, changing the operating philosophy from a volume-based, functional approach to a more commercial, profit-based strategy.  Non-core infrastructure and services were divested, rig utilisation was improved and rig crews trained and incentivized to operate more efficiently and dramatic improvements in volumes, revenues and profitability were achieved.

The Board of EDC approved the IPO on the London Stock Exchange in 2007 and capital was raised to fund the growth of the business, including, substantial investments into acquisition and modernization of the equipment.  After the goals of the IPO were achieved (in particular, a significant increase of EDC's market share), EDC was delisted and taken private. 

Nowadays, EDC remains the clear market leader (including in terms of the fleet, meters drilled and the number of crews) in the Russian drilling industry, a leading market within the global oilfield services industry.  We have a diversified customer base which includes Lukoil, Rosneft, Gazpromneft, Petronas, Dragon Oil, plus a range of other customers in Russia, Turkmenistan and Iraq. 

Our rig fleet is the youngest and most advanced in Russia.  We have built a dominant position in the offshore jack-up rig market in the Caspian Sea, owning 4 out of the 6 available rigs in this land-locked exploration and development market. We have taken a foothold in Iraq with 5 rigs drilling for international E&P companies.

We consider ourselves to be pioneers in the Russia & CIS drilling industry, constantly seeking to innovate in order to provide the best service to our customers. We were the first to privatise, we are at the forefront of the advanced drilling solutions offered in Russia, we have forged an important strategic alliance with Schlumberger allowing us to offer the best integrated complex well solutions.  Apart from onshore drilling, we provide offshore drilling, well workover, sidetracking and other oilfield services.  Our work is contracted on either a turnkey or a flat-rate per well or a day-rate basis.  EDC has the intentions and capabilities for further development (including evolving the contracting model) in accordance with the customers' needs.

Capital Markets Day

Capital Markets Day

14 November 2012