Eurasia Drilling buys back another 85,000 GDR for possible $2.7 mln
MOSCOW. July 15 (Interfax) - Eurasia Drilling Company bought 85,000 Global Depositary Receipts (GDR) or 0.06% of issued and outstanding shares as part of a buyback program, the company said.
The deal was closed on July 8. The average price of one GDR is $31.53. Therefore the company could have spent $2.68 million on the buyback.
One GDR is equivalent to one share.
In February, Eurasia Drilling launched a six-month GDR buyback program worth $200 million. Since the start of the program Eurasia Drilling company has repurchased 1,784,773 GDR or 1.17% of issued shares.
EDC is the largest provider of onshore drilling services in Russia, 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.
