February 26, 2009 - Eurasia Drilling Company Limited("EDC" or the "Company" - LSE: EDCL) announced today that it has consummated a significant repurchase of global depositary receipts,representing shares in the Company admitted to trading on the regulated marketof the London Stock Exchange Plc (“GDRs”).
The Company paid US$ 3.80 per GDR for 250,000 GDRs. The GDRs were repurchased under the Company’s Share Repurchase Program previously announced October 27, 2008 and Extension of Share Repurchase Program previously announced December 18,2008.
The number of GDRs negotiated in this transaction constitutes approximately 0.2% of the Company’s issued and outstanding shares and 0.9% of the Company’s issued and outstanding GDRs.
The GDRs repurchased in the Share Repurchase Program will be held by EDC Incentive Plan Limited, a subsidiary of the Company.
Since the beginning of the Repurchase Program, the Company has repurchased 11,312,245 GDRs at an average price of US$ 4.05.
W. Richard Anderson, Chief Financial Officer of EDC, noted that “the Company had been approached by a significant holder of GDRs with an opportunity to repurchase them at a very attractive price. We believe we have purchasedthese GDRs at a price significantly below their fair value. As the equity markets normalize over the coming months our continuing shareholders will greatly benefit.”
