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In July 2012, EDC acquired 3 onshore drilling rigs in northern Iraq, adding 1 more NOV High Spec rig by the end of 2012. At the end of 2018 EDC added a fifth Workover Rig (Rig 26) which is under a 3-year contact with TAQA. Rig 25 and Rig 26 are both contracted to TAQA. 

EDC will continue to explore international expansion opportunities and the current strategy is to focus on onshore drilling services in the MENA region. EDC's key criteria for potential inorganic growth opportunities is that acquisition should be immediately EBITDA and net income accretive and that acquisition targets should deliver unlevered, after-tax internal rates of return in the high teens.

RIG 22 - 1000hp, Hook: 250 ton RIG 23 - 1500hp Hook 340 ton, SCR drive
RIG 22 - 1000hp, Hook: 250-ton, Mechanical Drive RIG 23 - 1500hp Hook 340-ton, SCR drive
Rig 22 Specifications Rig 23 Specifications
   
RIG 24 - 1500hp, Hook: 340 ton, SCR drive RIG 25 - 1500hp, Hook: 340 ton AC drive
RIG 24 - 1500hp, Hook: 340-ton, SCR drive RIG 25 - 1500hp, Hook: 340-ton, AC drive
Rig 24 Specifications Rig 25 Specifications
 

 

Rig 26

Rig 26 - 600 HP, Hook 120-ton, Mechanical Drive

Rig 26 Specifications

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