Onshore drilling

In July 2012, EDC aquired 3 onshore drilling rigs in northern Iraq, adding 1 more NOV High Spec rig by the end of 2012. At the end of 2018 EDC added a fifth Workover Rig (Rig 26) which is under a 3-year contact with TAQA. Rig 25 and Rig 26 are both contracted to TAQA.

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.