Eurasia Drilling Co boosts net profits 34% in 2011
MOSCOW. April 23 (Interfax) - Eurasia Drilling Company (EDC) increased its net profits 34% last year to $277 million, a company statement says.
Sales revenues were up 52% at $2.752 billion, as EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 37% to $597 million.
Capital expenditures amounted to $400 million last year compared with $284 million the year before. Net debt was $244 million ($225 million at end-2010).
"Our 2011 onshore operating results include: drilling output of 4.777 million meters, 16% above the output achieved in the corresponding period of 2010 (4.103 million meters); horizontal meters drilled during 2011 more than doubled compared to 2010 and amounted to 879 thousand meters; [and] exploration drilling volumes were up 17% during 2011 compared to 2010," the company said.
"The offshore jack-up rig SATURN (formerly TRIDENT 20) was acquired from Transocean in February 2011 for our operations in the Caspian Sea - under EDC ownership the rig drilled two new exploration wells with 4 geological sidetracks, and performed 4 workovers," the company said. "Our ASTRA jack-up rig was fully employed in Kazakh and Russian waters of the Caspian Sea, drilling three wells and performing an extended well test on one of them," it said.
EDC continued operations at Lukoil's Korchagin deposit, where it drilled three horizontal development wells, "performing one workover and drilling three top-holes for extended-reach wells," EDC said.
"Construction of our new Super 116E jack-up drilling rig by Lamprell, to be used in our Caspian Sea operations, continues on schedule," the company said
EDC was founded around several of Lukoil's oil production operations. The company's board chairman and general director, Alexander Djaparidze, is the controlling shareholder in EDC.
