21 Apr 2011 13:21

Eurasia Drilling Co boosts US GAAP profits 25% to $207 mln in 2010

MOSCOW. April 21 (Interfax) - Net profits at oilfield services outfit Eurasia Drilling Company (EDC) increased 25% to $207 million to US GAAP in 2010, EDC reported.

Analysts surveyed by Interfax had expected the company's profits would be up 44% at $238 million.

The company's sales revenue went up by 31% to 1.812 billion while EBITDA increased from 23.1% for 2009 to 24.1% in 2010. EDC's capex increased by 170% to 284 million last year.

The company paid $213 million in dividends in 2010.

EDC was founded with OJSC Lukoil's oil production enterprises. The company's CEO and board chairman, Alexander Dzhaparidze, is the controlling shareholder in EDC.