Eurasia Drilling acquires two onshore rigs in Iraq

Eurasia-Oil rigEurasia Drilling has acquired two onshore drilling rigs in Iraq. (Image source: sxc.hu)Russian drilling company Eurasia Drilling Co (EDC) has acquired two onshore drilling rigs in Iraq and is considering the option to acquire a third rig

All three rigs are currently under contract or being tendered to international customers. To ensure uninterrupted operations, the onshore and offshore drilling service provider said it would retain the existing management and operational staff and support facilities.

“This acquisition is a strategic breakthrough for EDC as it marks our first move outside of Russia and the Commonwealth of Independent States,” said EDC chief executive officer Aleksandr Dzhaparidze.

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

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

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