Latest news and announcements.
- We, Eurasia Drilling Company Limited (EDC), are a private company based in Nicosia, Cyprus and a provider of offshore and onshore oil drilling services. We operate the largest jack-up drilling fleet in the Caspian Sea (outside of Russian waters) and provide onshore drilling services in Iraq.
In our commitment to transparency and clarity, we would like to address one pressing matter. Immediately after the start of the 2022 Russia-Ukraine conflict, we made the strategic decision to sell all of our Russian assets, including Burovaya Kompaniya Eurasia LLC (BKE), a drilling company based in Moscow, Russia, and exit the Russian drilling market. On this basis, in May 2022 we sold our 100% participation interest in BKE.
Additionally, since early 2022, we are taking all steps to sell our two remaining subsidiaries in Russia: Kliver LLC and BKE Shelf LLC. Respective approvals from Russian antitrust authorities were obtained in the summer of 2022. However, newly enacted restrictions on the disposal of Russian assets, requiring pre-clearances from Russian presidential and governmental commissions, have made it virtually impossible for non-Russian companies, especially those registered in states Russia considers “hostile” (including Cyprus), to receive approval for sale, exit, or any kind of disposal. The Russian counter-sanctions regulations do not specify any time limits within which applications for sale must be considered and we have thus been waiting for approvals for the sale of the aforementioned two subsidiaries for nearly a year.
At the same time, we continue to comply with international regulations, statutory measures and standards.
We want to assure all our stakeholders that EDC has no connection to, or affiliation with, BKE, and is not affected by any sanctions imposed on BKE. To avoid any further confusion a decision was made to rename EDC and continue its operations under the new name, which will be announced shortly.
We stand in solidarity with the international community in upholding the principles of peace, sovereignty and international law.