Russias largest driller closes deal with Schlumberger.

By bne IntelliNews August 26, 2011
Russias leading driller and other extraction services provider Eurasia Drilling Company (EDC) closed an assets swap deal with leading global oil extraction services player Schlumberger. Schlumberger (headquartered in Houston, capitalisation of USD 103bn, 97% of shares free floating). Companies swapped extraction and repair assets in West Siberia, worth a total USD 345.5mn, out of which EDC will pay USD 250mn in cash and the rest with assets. For five years Schlumberger will be the main supplier to over 200 EDCs drilling stations. Amidst the deal EDC also published its US GAAP statements, according to which companys net profit in H1/11 was up by 44% y/y to USD 151mn, with revenues up by 47% y/y to USD 1.265bn and capital expenditures jumping by 80% y/y to USD 215mn. Companys EBITDA went up by 29% y/y to USD 267mn. In 2010 EDCs net profit went up by 25% y/y to USD 207mn.

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