MOSCOW, September 7, 2009 - Eurasia Drilling Company Limited (“EDC” or the “Company” - LSE: EDCL) today announced a restructuring of its onshore integrated well construction business, into drilling and technological services divisions.
EDC will provide certain non-core drilling-related services through its newly created entity “OOO New Technology Services” (“NTS”), a wholly owned subsidiary of Eurasia Drilling Company Limited. The Company is in the process of transferring assets and personnel to the new entity, which will commence independent operations in the 4th Quarter of 2009. NTS will compete for business both internally and externally to the Company.
Dr. Alexander Djaparidze, EDC’s Chief Executive Officer, commented,
“In accordance with our ongoing restructuring process we are separating our onshore business into core drilling and support service lines. This will allow us to increase transparency and accountability, and improve the overall efficiency of our well construction activities. Our plan is to incrementally add additional technologies and service lines from both our internal resources, and through potential future alliances with third parties.”
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EDC is the largest provider of onshore drilling services in Russia, as measured by the number of meters drilled, providing onshore integrated well construction services and workover services. In addition, the Company provides offshore drilling services in the Caspian Sea. The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea. The Company is traded on the London Stock Exchange under the symbol “EDCL”.
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For further information, please contact:
Kim L. Kruschwitz, VP Investor Relations
+44 (0) 207 717 9707
investors.relations@eurasiadrilling.com
September 7, 2009
Some of the views expressed in this document may constitute “forward looking statements” that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
