Oil price boom lifts Eurasia

No ruble trouble: Eurasia Drilling unearths larger revenues in first quarter

Soaring oil prices and favourable weather conditions boosted revenues at Russia’s Eurasia Drilling in the first quarter.





The London-listed company also boosted drilling output in the three months to the end of March but stopped short of providing a net profit figure.

Revenues soared 28% from $388 million in the first quarter last year to $498 million this time around. The EBITDA margin slipped, however, from 22.8% to 22.1%.

Moscow-based Eurasia also spent much more heavily on property, plant and equipment, running up a bill of $51 million as against $21 million a year ago.

Drilling output for the quarter shot up over 15% from 854,718 metres to 985,137 metres.

Chief executive…

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