icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Eurasia Drilling posts FY 2010 net income of $207 million

Eurasia Drilling posts FY 2010 net income of $207 million
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.”

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.