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."
***
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".
***
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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