Eurasia Drilling Company

Last updated
Eurasia Drilling Company Limited
Company type Private
LSE:  EDCL
IndustryOil and gas
FounderAlexander 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.com

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]

Contents

History

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]

Shlumberger acquisition

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]

References

  1. ↑ "Offshore". Eurasia Drilling Company Limited. Retrieved 2023-07-22.
  2. ↑ "Onshore". Eurasia Drilling Company Limited. Retrieved 2023-07-22.
  3. ↑ Farchy, Jack (2015-10-08). "Eurasia Drilling plans to go private". The Financial Times . Retrieved 2023-07-22.
  4. ↑ "Eurasia Drilling sells principal assets in Russia to company affiliated with oilfield services co Petroengineering". Interfax. 2022-05-16. Retrieved 2023-07-22.
  5. ↑ Foy, Henry (2017-07-21). "Schlumberger to buy controlling stake in Eurasia". The Financial Times . Retrieved 2023-07-22.
  6. ↑ "Schlumberger scraps bid for stake in Russia's Eurasia Drilling". Nasdaq . 2019-02-04. Retrieved 2023-10-21.
  7. ↑ Selina Williams (20 January 2015). "Schlumberger to Pay $1.7 Billion for Stake in Russia's Eurasia Drilling". WSJ.
  8. ↑ Alex Macdonald (12 October 2015). "Russian Financiers Sweeten Offer to Take Eurasia Drilling Private". WSJ.


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