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Eurasia Drilling Company reduces well drilling y-o-y

Oil&Gas Materials 26 February 2021 14:03
Eurasia Drilling Company reduces well drilling y-o-y

BAKU, Azerbaijan, Feb.26

By Leman Zeynalova – Trend:

Eurasia Drilling Company (EDC) has drilled a total of 4,415,821 meters in 2020, as compared to 5,305,428 meters in 2019, Trend reports citing the company.

The quarterly results for 2020 are as follows: 1,186,112 meters in Q1, 1,301,645 meters in Q2, 1,486,172 meters in Q3 and 795,758 meters in Q4.

The company also saw a decrease in terms of well numbers in 2020. EDC drilled 1,343 wells in 2020 versus 1,546 in 2019.

The company drilled 365 wells in Q1, 392 wells in Q2, 443 wells in Q3 and 143 wells in Q4.

Horizontal meters drilled stood at 2,212,110 meters in 2020, as compared to 2,658,468 meters in 2019.

EDC owns the largest fleet in Eastern Hemisphere. Its fleet is technologically advanced and capable of drilling a wide range of oil and gas wells. EDC owns 245 land drilling and sidetrack rigs and 392 land workover and well service rigs as of December 31, 2016.

It is the largest land drilling company in Russia. The company has a dominant position in the Caspian Sea jack-up rig market. EDC has made its first international investment, establishing a presence in Northern Iraq.

EDC will continue to explore international expansion opportunities and the current strategy is to focus on onshore drilling services in the MENA region. EDC's key criteria for potential inorganic growth opportunities is that acquisition should be immediately EBITDA and net income accretive and that acquisition targets should deliver unlevered, after-tax internal rates of return in the high teens.

EDC's rig fleet is core to its business. The company’s rig strategy is based on: alignment with growth strategy; a long term approach informed by senior team's considerable experience; a deep understanding of the Russian market and clients' future needs; growth in land drilling, sidetracking, workover and offshore activities; technical expertise and world class project management capabilities; ability to outsource rig fabrication using best-in-class partners; identifying and executing accretive acquisition opportunities; financing through operating cash flows and minimal credit lines.

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Follow the author on Twitter: @Lyaman_Zeyn

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