Company type | Private |
---|---|
LSE: EDCL | |
Industry | Oil and gas |
Founder | Alexander Dzhaparidze |
Headquarters | Nikosia , Cyprus |
Area served | Caspian Sea, Iraq |
Key people | (CEO) Alexander Dzhaparidze, (CFO) Taleh Aleskerov, (COO) Tom Hardy, (Director) Chryso Pitsilli-Dekatris |
Website | eurasiadrilling |
Eurasia Drilling Company limited (EDC) is a private company based in Nikosia, Cyprus. Eurasia Drilling Company is an offshore and onshore oil drilling services company. EDC operates the largest jack-up drilling fleet in the Caspian Sea. [1] EDC also provides drilling services in Iraq. [2]
EDC was founded in the Cayman Islands.
It was listed on the London Stock Exchange before 2015, when it was taken private. [3]
EDC sold Burovaya Kompaniya Eurasia LLC and all of its Russian assets to Razvitie Drilling Company LLC in 2022. [4]
Schlumberger made a bid for EDC in 2015 but Russian Federal Antimonopoly Service (FAS) repeatedly delayed approvals, due to concerns over foreign ownership of a crucial asset in the hydrocarbon industry. As a result, the deal valuing EDC at $3.5 billion fell through.
Shlumberger made another bid for 51% of EDC in 2017. [5] However, the second attempt also failed for same reasons amid deterioration in relations between Russia and the West. [6]
Schlumberger acquired a minority stake in Eurasia Drilling Co. for $1.7 billion. [7] [8]
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