18 May 2011 11:12

EDC boosts revenue by 28% in Q1

MOSCOW. May 18 (Interfax) - Eurasia Drilling Company (EDC) increased its sales revenue by 28% year-on-year to $498 million in the first quarter of 2011, the company said in a statement.

The company's EBITDA margin stood at 22.1%, slipping from 22.8% a year previous.

EDC's debt stood at $129 million on March 31. The company's capex increased by 140% to $51 million.

The company's drilling operations increased by 15.3% to 985,137 meters.

The company said that its Astra sea drilling platform arrived to the Kazakh sector of the Caspian Sea at the end of March. Drilling operations commenced at the start of April.

EDC also finished drilling one well at the Yury Korchagin field in the first quarter for OJSC Lukoil .