SCHLUMBERGER TO ACQUIRE MAJORITY SHARE IN EURASIA DRILLING COMPANY

Schlumberger announced today an agreement to acquire a majority (51%) equity interest in Eurasia Drilling Company Limited (EDC). Based in Moscow, EDC is a leading onshore and offshore drilling and well services contractor. EDC owns and operates one of the largest fleets of land drilling and workover units in the world. The company is also the premier supplier of drilling services in the expanding Caspian Sea jack-up market. Closing of the transaction is subject to approval by the Federal Antimonopoly Service of Russia. The agreement extends the successful long-term relationship established by the two companies in 2011.
EDC owns the largest fleet in Eastern Hemisphere, technologically advanced and capable of drilling a wide range of oil and gas wells. According to data provided by EDC in 2015 the company owns 258 land drilling and 421 land workover and well service rigs as of December 31, 2015. EDC also operates a fleet of four jackup drilling rigs in the Caspian Sea:
• The ASTRA jack-up rig was acquired in 2006 from LUKOIL and has been deployed in Russian, Kazakh and Turkmen sectors of the Caspian sea.
• The SATURN jack-up rig was acquired in 2011 from TRANSOCEAN and has been deployed in Turkmen sector of the Caspian Sea.
• The NEPTUNE jack-up rig built in Sharjah, assembled and commissioned in Astrakhan commenced drilling in 2014 in Turkmen sector of the Caspian sea.
• The MERCURY jack-up underwent final commissioning in November 2014 and mobilised to the Turkmen waters of the Caspian Sea in January 2015.
(Source and image: EDC – Yermak rig drilling in Siberia)