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Eurasia Drilling Co (EDCL)

Eurasia Drilling Co

EDC Announces Share Repurchase Programme
RNS Number : 1323D
Eurasia Drilling Company Limited
24 April 2013
 



News Release

 

EDC Announces Share Repurchase Programme

 

MOSCOW, April 24, 2013 - Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, announces today that it will buy back up to 50,000 of its Global Depositary Receipts ("GDRs") for the purpose of funding its existing Incentive Compensation Plan which was approved by the Board of Directors of EDC in 2007. The repurchase of the EDC GDRs will commence as early as today and will be held in an EDC subsidiary.  The repurchase programme will last for 90 days from its commencement and will be subject to applicable rules of the London Stock Exchange.

 

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EDC is the largest provider of onshore drilling services in Russia, as measured by the number of metres drilled, providing onshore integrated well construction services and workover services.  The Company also provides offshore drilling services in the Caspian Sea and is the largest provider of such services in the sectors where it operates based on the number of jack-up drilling rigs. The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea. In addition, the Company provides onshore drilling services in Iraq. The Company is traded on the London Stock Exchange under the symbol "EDCL".

 

***

 

For further information, please contact:

 

 

Evgeniya Bitsenko, Head of Investor Relations

+44 (0) 207 717 9707

investors.relations@eurasiadrilling.com

 

Hudson Sandler

Andrew Hayes/ Maria Ignatova

+44 (0)20 7796 4133 

 

April 24, 2013

 

Some of the views expressed in this document may constitute "forward looking statements" that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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