MOSCOW, October 26, 2009 - Eurasia Drilling Company Limited(“EDC” or the “Company” - LSE: EDCL) today announced signing
of a preliminary agreement to acquire 100% of the field operations of a domestic
Directional Drilling/Telemetry contractor.
When the subject transaction is finalized, the newly acquired directional
drilling resources will be organized into a new service line within the
Company’s wholly owned subsidiary, “OOO
New Technology Services” (“NTS”).NTS was launched by EDC in September 2009,
and was formed to allow the Company to increase transparency and
accountability, and improve the overall efficiency of its well construction
activities.
Murray
Vasilev, Sr. Vice President, Business Development for EDC, commented,
“EDC has previously described our
strategy to expand the breadth and quality of our well construction capabilities.In addition to developing our existing in-house
service lines, we have sought targeted acquisitions that would be accretive to our margins while
also improving our technical efficiency.As more and more of the wells we drill are deviated, particularly in
those areas that provide the bulk of our activity, the acquisition of domestic
directional drilling technology will integrate well into our portfolio of
services.”
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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”.
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.
