Eurasia Drilling Announces Acquisition in Iraq

By John Lee.

Eurasia Drilling (LSE: EDCL) has announced that it has acquired two onshore drilling rigs in Iraq, with a commitment to purchase a third.

All three rigs are currently under contract or being tendered to international customers. To ensure uninterrupted operations, EDC intends to retain the existing management and operational staff and support facilities.

Dr. Alexander Djaparidze (pictured), EDC’s Chief Executive Officer, commented:

This acquisition is a strategic breakthrough for EDC as it marks our first move outside of Russia and the CIS and is an important step toward our goal of becoming a truly global drilling contractor. By acquiring rigs in Iraq EDC now has a platform for growth in the expanding Iraqi and Middle Eastern oilfield services markets.

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