Russia’s EDC drilling company extends into Middle East

Tullow Oil company offshore oil platform off the coasts of the French overseas department of Guiana.( AFP Photo / Mark Ralston  )
Russian largest drilling company Eurasia Drilling Co (EDC) has purchased two onshore drilling rigs in Iraq and considers acquiring the third one.

The company purchased the rigs under contract or through a competitive tender process, according to the statement. The cost of the deal hasn’t been disclosed yet. EDC plans to retain the existing management team and operational staff to secure uninterrupted operation.

“This acquisition is a strategic breakthrough for EDC as it marks our first move outside of Russia and the CIS,” Aleksandr Dzhaparidze, EDC CEO said.

“With acquiring rigs in Iraq EDC now has a platform for growth in the expanding Iraqi and Middle Eastern oilfield services markets,” he added.

Eurasia Drilling has been a part of drilling unit of Russia’s Lukoil oil major until 2004, when it was sold for $130 million. EDC provides services for Lukoil, Gazprom, Rosneft and Schlumberger in the Russian, Kazakh and Turkmen sectors of the Caspian Sea.