Eurasia Drilling posts FY 2010 net income of $207 million

Eurasia drilling increases profits on the back of soaring demand on oil and commodities
Russian oilfield services provider, Eurasia Drilling, has posted a FY 2010 net income of $207 million under US GAAP.

­The bottom line is up 25% year on year from the FY 2009 net income of  $165.4 million, with FY 2010 EBITDA up 36.3% year on year to $435.8 million, on the back of a 31% increase in Revenues to $1.812 billion.
The company said the results reflected stable commodity prices, coupled with increased demand for oil and gas field services, with Russian onshore drilling volumes up 9% for the year.  It noted that it was making progress in diversifying its customer base, and highlighted the October 2010 signing of a Strategic Alliance with Schlumberger in the CIS as helping to underpin its outlook. Eurasia Drilling CEO, Dr. Alexander Djaparidze, was upbeat about the results, highlighting the foundation hey lay for future growth.

“In 2010 we began to show the full potential of the Company.  We drilled more wells, performed more workovers and posted better margins than in any prior year.  As we integrate our recently acquired businesses this year, we are laying the foundation for superior performance into the future.”