, October 12, 2015

Early Termination of SATURN's Contract

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News Release

 

EARLY TERMINATION OF SATURN's CONTRACT

 

MOSCOW, October 12, 2015 - Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL)  announces that it has received a letter of early termination of the contract for its jackup rig SATURN effective from October 8'th 2015. The current contract was expiring on 8'th January 2016.  The early termination fee consists of 100% of the contract rate for 30 days from the effective date of the early termination followed by 85% of the contract rate for the remainder of the term (or 62 days).

 

 

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EDC is the largest provider of onshore drilling services in Russia, as measured by the number of metres drilled, providing onshore integrated well construction services and workover services.  The Company also provides offshore drilling services in the Caspian Sea and is the largest provider of such services in the sectors where it operates based on the number of jack-up drilling rigs. The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea. In addition, the Company provides onshore drilling services in Iraq. The Company is traded on the London Stock Exchange under the symbol "EDCL".

 

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For further information, please contact:

Eurasia Drilling Company Ltd.

Tom O'Gallagher, VP Investor Relations

+44 (0) 207 717 9707

investors.relations@eurasiadrilling.com

 

Hudson Sandler (Media contact)

Andrew Hayes/ Elena Garside

+44 (0)20 7796 4133 

 

 

Some of the views expressed in this document may constitute "forward looking statements" that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

 

Next: 12 October 2015: Shareholder Circular on Proposed Merger and Extraordinary General Meeting