27 Oct 2011 13:15

Eurasia Drilling sees US GAAP revenue go up 50% in 9 mths

MOSCOW. Oct 27 (Interfax) - Eurasia Drilling's sales revenue according to US GAAP standards increased by 50% year-on-year to $2.042 billion in January-September 2011, the company said in a statement.

The company's revenue for the third quarter of this year came to $776 million, up 60% year-on-year.

The company's EBITDA margin came to 21.9% for the first nine months of 2011 compared to 24.5% posted for the same period of 2010.

The company's total drilling in the nine months went up by 20% year-on-year to 3.67 million meters. This increase was partially driven by Eurasia Drilling's partnership with Schlumberger.

Eurasia Drilling only publishes its net profit results for the first and second halves.