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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Eurasia Drilling Co Ltd    EDCL

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Eurasia Drilling Company Limited : EDC Awarded Multi-year Contract Extension for SATURN

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09/19/2012 | 12:16pm CEST

MOSCOW, September 19, 2012 - Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, today announces that it has been awarded a multi-year contract extension with PETRONAS Carigali (Turkmenistan) Sdn Bhd ("PC(T)SB") for drilling offshore Turkmenistan in the Caspian Sea. 

Effective from January 9, 2013, our jack-up drilling rig SATURN is contracted for a three-year period.

The award marks a continuation of the previous several multi-year contracts, as SATURN has been contracted to PC(T)SB since 2003, working almost entirely throughout this period in Turkmenistan. In June 2012 the SATURN achieved a major milestone of working continuously for five years without a Lost Time Incident (LTI).

SATURN is a Class CS MOD V (Keppel FELS B2427) class rig and was built in Baku in September 2000. The SATURN is capable of drilling in water depths of up to 107 metres, has a rated drilling depth capability of 7,986 metres and a BOP system rated to 15,000 psi.

The SATURN is managed by the Turkmenistan Branch of BKE Shelf Ltd in Ashgabat.

Mr. Edward Redd, Senior Vice President, Offshore Operations for EDC, commented,

"We are delighted to have extended our contract with Petronas, with whom we have enjoyed a successful partnership. Turkmenistan is an exciting market that offers significant exploration potential and we look forward to continuing our partnership with PC(T)SB. Expansion in the Caspian Sea offshore jack-up drilling market has always been one of the strategic priorities for EDC. We continue to extend our lead in this market, and we are adding drilling capacity with two additional new-build jack-up rigs being offered to our customers starting early 2013 and late 2014."

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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

Hudson Sandler
Andrew Hayes/ Maria Ignatova
+44 (0)20 7796 4133

September 19, 2012

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NameTitle
Alexander Djaparidze Chief Executive Officer & Director
Patrick James Meade Chairman
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